On 13 September 2023, Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 2/2023, relating to the following:
1. |
[FOR ACTION] Preparation for Malaysia's Mutual Evaluation (ME) 2024-2025 |
The upcoming ME on Malaysia will take place between April 2024 and December 2025. Actions required from the Reporting Institutions (RIs) from the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions (DNFBPs) are to: |
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2. |
[FOR ACTION] Targeted Financial Sanctions (TFS) on terrorism financing, proliferation financing and other UN-Sanctions regimes |
RIs are required to: In the event of a positive name match: RIs are reminded that BNM can take enforcement actions on non-compliances with the TFS requirements. |
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3. |
[FOR ACTION] Updated Suspicious Transaction Report (STR) Form |
BNM had improved the STR forms to better capture information on suspicious activities. Please use the new STR forms and identify the subject of the suspicious activity, i.e., individual customer, corporate customer or legal person customer. RIs can either submit using STR forms or via Financial Intelligence System (FINS). STR forms for the respective sectors can be accessed: AML/CFT Policies - Anti Money Laundering / Countering Financing of Terrorism (AML/CFT) (bnm.gov.my) |
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4. |
[FOR INFO] Enforcement Actions by BNM: Breaches under the AMLA |
RIs to take note that BNM has been taking enforcement actions on non-compliance with AMLA requirements, including non-submission of STR and failure to screen TFS. BNM has also been publishing these enforcement actions as part of the transparency framework. |
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5. |
[FOR ATTENTION] AML/CFT Data & Compliance Report |
BNM will not be issuing the DCR for year 2023 and will resume to issue DCR in 2024 to DNFBP and NBFI RIs. Nevertheless, RIs including those who have received their respective report cards, are expected to fully comply with the requirements of the AMLA and AML/CFT and TFS for DNFBPs and NBFIs Policy Document. |
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6. |
Other Updates: Outcomes of the FATF Plenary, 21-23 June 2023 |
Please click here for the AML/CFT Newsletter 2/2023.