News and Articles
Anti-Money Laundering and Countering Financing of Terrorism (AML-CFT) Screening in Malaysia
One of the measures to curb money laundering in Malaysia’s financial system is for reporting institutions have an effective Anti-Money Laundering (AML) program in place as a preventive measure. Such preventive measures include having effective Anti-Money Laundering policies and procedures,...Read More
What are Politically Exposed Persons (PEP), And How Do I Screen For Them?
Simply speaking, a Politically Exposed Person (PEP) is an individual who holds a high-profile political role. Due to their position, a PEP is said to be someone more likely to be involved in bribery or corruption (which are predicate offences...Read More
The 6 Key Steps to AML-CFT Compliance in Malaysia
In Malaysia, some non-financial businesses and professions like lawyers, accountants, and company secretaries are required to comply with the Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) regulations imposed.Read More
The Most Common Money Laundering Schemes — How Professional Firms Stay ahead of criminal activity?
What is Money Laundering? According to the Financial Action Task Force (FATF), money laundering is the processing of criminal proceeds to disguise their illegal origin. In other words, it is a technique used by criminals to “clean” the illegally obtained money...Read More
How to prepare for Companies Registry (CR) AML/CTF Compliance Inspection – A checklist for busy professionals
Since the implementation of the Companies Registry’s (CR) Guideline on Compliance of Anti-Money Laundering and Counter-Terrorist Financing Requirements for Trust or Company Service Providers (TCSPs) in March 2018, it is a requirement for TCSPs to take all reasonable measures to mitigate the...Read More
How to prepare for Bank Negara Malaysia (BNM) AML/CFT Compliance Review – A checklist for busy professionals
On 31 Dec 2019, the Malaysia’s Bank Negara (BNM) has issued a new guideline on Anti-Money Laundering, Countering Financing of Terrorist (AML/CFT) and Targeted Financial Sanctions for Designated Non-Financials Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) ( i.e....Read More