BNM - Newsletter #14

On 19 November 2020, Bank Negara Malaysia (BNM) announced that the upcoming Webinar Series 5 for Designated Non-Bank Financial Business and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) reporting institutions (RIs) will take place from 25th November 2020 to 1st December 2020. The Webinar Series 5 aims to provide a comprehensive understanding of the Anti-Money Laundering, Countering Financing of Terrorism (AML/CFT) requirements in relation to Suspicious Transaction Report (STR) and guidance on the establishment of Red Flags or triggers in detecting suspicious transactions, as well as providing the frequently asked questions.

Under the AML/CFT and Targeted Financial Sanctions (TFS) for DNFBPs and NBFIs Policy Document (Policy Document), RIs are required to establish internal criteria or red flags to detect suspicious transactions (paragraph 19.3 of the Policy Document).

In building the red flags, RIs may refer to the examples of general and sector-specific red flags provided under Part E of the Policy Document.

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