Malaysia tightens rules on anti-money laundering, terrorism financing
Malaysia’s central bank, known as Bank Negara Malaysia (BNM), has issued a revised policy document on anti-money laundering/counter financing of terrorism (ALM/CFT) and targeted financial sanctions (TFS), which take effect on January 1.
The Bank Negara Malaysia. (Photo: malaysiandigest.com)
Kuala Lumpur (VNA)– Malaysia’s central bank, known as Bank Negara Malaysia (BNM), has issued a revised policy document on anti-money laundering/counter financing of terrorism(ALM/CFT) and targeted financial sanctions (TFS), which take effect on January1.
The document providesguidelines for designated non-financial businesses and professions (DNFBPs) andnon-bank financial institutions (NBFIs) suchas licensed casinos carrying on gaming business, moneylenders andpawnbrokers.
Accordingto an announcement on the bank’s website, this policy document sets outobligations of reporting institutions with respect to the requirements imposedunder the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds ofUnlawful Activities Act 2001 (AMLA), implementation of a comprehensiverisk-based approach in managing money laundering and terrorism financing risks,and requirements on targeted financial sanctions.
It is,however, not intended to be applicable to lawyers, accountants and companysecretaries who are internal professionals that are employees of other types ofbusinesses, nor to professionals working for government agencies, the BNM said.
Inthe document, BNM said some enhancements to the existing AML/CFT reportingobligations were proposed to ensure areas of higher risk are subject toenhanced controls, in view of money laundering and terrorism financing beingfinancial crimes with far-reaching and deleterious socio-economic effects./.
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The Bank Negara Malaysia. (Photo: malaysiandigest.com) 
