12 March, 2020
Bank Negara Malaysia (“BNM”) is the designated competent authority and regulator under the Anti Money Laundering, Anti-Terrorism Financing Act and Proceeds of Unlawful Activities Act 2001 (“AML Act”). The AML Act imposes obligations on legal entities, institutions and persons (“reporting institutions”) to monitor the business activities of the reporting institutions, and impose obligations on the reporting institutions to report “suspicious transactions” to BNM.
BNM has issued anti-money laundering guidelines, policies and procedures under its Policy Documents on Anti-Money Laundering and Countering Financing of Terrorism (“AML Policy Documents”).
The AML Policy Documents impose reporting institution obligations not only on financial institutions, but also on non-financial businesses and professional service providers to the financial services industry. This includes lawyers, company secretaries, accountants, trust companies and real estate agents (BNM defines these service providers as “designated non-financial businesses and professions” or “DNFBP”).
The full article can be found from Zicolaw's site here.
For more information, please contact:
Tatt King Loo, Partner, Zaid Ibrahim & Co (a member of ZICO Law)
tatt.king.loo@zicolaw.com
