BNM's AML/CFT Newsletter 05/2022 - Anti Money Laundering / Countering Financing of Terrorism (AML/CFT)

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null BNM's AML/CFT Newsletter 05/2022

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1. AML/CFT Data & Compliance Report 2022

Who needs to submit DCR 2022?

Bank Negara Malaysia (BNM) is issuing the AML/CFT Data & Compliance Report (DCR) 2022 to DNFBP and NBFI reporting institutions (RIs) of the following sectors:

Dealers in Precious Metals or Precious Stones (DPMS)

Click here for DCR Circular for DPMS, legal and REA sectors

Lawyers and Notaries Public

Registered Estate Agents (REA)

Accountants

Click here for DCR Joint Statement for accounting sector, jointly issued by BNM and MIA

Company secretaries

DCR Circular will be issued to all register company secretaries

The firms from the five sectors above, will be required to submit DCR 2022; declare your firm’s status or exempted from submitting DCR 2022 depending on your firm’s situation.

Please refer to the DNFBP portal to check the applicability of DCR 2022 obligation on your firm and step-by-step guidance on what you need to do.

When is DCR 2022 due?

The DNFBP portal will come live on 1 September 2022. The submission period is between 1 September 2022 and 30 November 2022. No extension will be provided for DCR 2022.

How to submit DCR 2022?

RIs are required to submit DCR 2022 through the online DNFBP portal accessible via web browser from any devices.

Please click the button to access to the DNFBP portal

DNFBP Portal

Or copy paste the URL address below to your internet browser (best viewed using the latest version of internet browser and not supported by Internet Explorer):

https://dnfbpportal.bnm.gov.my

Note:
For submission, RIs are required to register as user in the DNFBP portal. Registration can only be done through an invitation email sent to the Compliance Officer of the firm that was notified to BNM. The invitation email will only be sent starting 1 September 2022. If your firm has not notified BNM on the appointment of Compliance Officer, please do so at this following link amlcft.bnm.gov.my/co/. RIs are reminded that appointment of a Compliance Officer is a requirement under the AMLA.

For declaration, your firm is not required to register as user and you can access the declaration form directly from the DNFBP portal.

How will BNM guide my firm to submit DCR?

BNM provides relevant materials to guide RIs in navigating the portal and responding to the DCR questions, this includes information kit, DCR videos, chatbot function, etc. These materials will be provided to the registered users of DNFBP portal. This year, the DCR questions will be available in both, English and Bahasa Malaysia.

BNM will also organise DCR clinics for all sectors to support and guide RIs’ DCR submission. Please refer to the DNFBP portal for further information on DCR clinics.

Need further help on DCR 2022? Contact us at [email protected]

Will enforcement action be taken against non-compliance?

No enforcement action will be taken on gaps identified in the DCR.

However, enforcement action under the AMLA/FSA/IFSA can be taken for failure to submit your DCR within the stipulated time.

2. BNM and SSM Strengthen Strategic Collaboration on AML/CFT Regulation and Supervision

BNM and the Companies Commission of Malaysia (SSM) signed the Terms of Collaboration (ToC) on 21 August 2022 at Sasana Kijang, in efforts to strengthen collaboration in the regulation and supervision of anti-money laundering, countering financing of terrorism (AML/CFT) and targeted financial sanctions (TFS), ultimately contributing to maintaining the integrity of the financial system.

The formalization of the ToC results from the close partnership between BNM and SSM over the years, and sets out the respective regulatory and supervisory roles and responsibilities of BNM and SSM in the regulation and supervision of company secretaries and trust companies. With the signing of the ToC, SSM will take-on greater responsibility to conduct AML/CFT supervision on company secretaries and trust companies in the near future. The ToC will also provide for a more structured approach to assess money laundering and terrorism financing (ML/TF) risks in these two sectors and promote institutional capacity building.

Please see press release by BNM as linked:

BNM: Bank Negara Malaysia and the Companies Commission of Malaysia Strengthen Strategic Collaboration on AML/CFT Regulation and Supervision

Please see press release by SSM as linked:

SSM: Bank Negara Malaysia and the Companies Commission of Malaysia Strengthen Strategic Collaboration on AML/CFT Regulation and Supervision

3. Circulation of FATF's Risk-based Approach Guidance for the Real Estate Sector

FATF has issued the revised Risk-based Approach (RBA) Guidance for the Real Estate Sector in July 2022.

The Guidance highlights the importance for the REA sector to increase its understanding of the money-laundering and terrorist financing risks that the sector faces; including the vulnerabilities of exploitation by politically exposed persons, use of virtual assets, use of anonymous companies and gatekeepers as instruments to launder the proceeds of crime through real estates.

The Guidance sets out the key principles of a RBA to AML/CFT and builds on the FATF Recommendations to provide suggestions and best practice examples to enable the establishment and implementation of appropriate AML/CTF regimes to mitigate ML/TF risks or vulnerabilities identified.

Please click on the button below to access the Guidance.

RBA Guidance for REA

Or copy paste the URL address below to your internet browser:
https://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-real-estate-sector.html

4. AML/CFT Masterclass Series for Accountants [2022 MIA Webinars]

The Malaysian Institute of Accountants (“MIA”) is organizing masterclass workshops on AML/CFT Compliance Programmes for accountants and company secretaries as follows:

Guidance on Compliance with AML/CFT for Accountants and Company Secretaries [Advanced Level]

(13 September 2022)

Risk-Based Approach to Compliance with AML/CFT for Accountants and Company Secretaries [Advanced Level]

(11 October 2022)

The programmes aim to enhance accountants and company secretaries’ knowledge and understanding of AML/CFT requirements under the AMLA. These masterclasses are taught by Certified AML/CFT expert(s).

Please click on the button below for more details on the MIA's Masterclass series.

MIA's Masterclass Series

Or copy paste the URL address below to your internet browser, for the MIA Training Calendar information: https://mmis.mia.org.my/mia/mia_uat/mia/flyer/43904/Flyer

Other Updates

Notification on Appointment of Compliance Officer

For RIs that have yet to notify BNM on the appointment of, or changes to, the appointed Compliance Officer (CO), please click on the link below for the notification. The e-form is preferred as the process could be fully automated in dispensing the CO reference number.

Click for Notification Form

Or copy paste the URL address below to your internet browser:
https://amlcft.bnm.gov.my/co/

Access to BNM's AML/CFT E-Platform

The private E-Platform hosts a repository of awareness video materials including all the AML/CFT Webinar series for the DNBP and NBFI sectors.

For RIs that have yet to register for access to the E-Platform, do so by clicking on the button below:

Click for E-Platform Registration

Or copy paste the URL address below to your internet browser:
https://amlcft.bnm.gov.my/ep/

Note:

CO who is requesting access to the webinar videos must be a registered YouTube account user.
Only CO who has notified their appointment to BNM will be able to view the videos.
Notification with the videos link will be automatically sent to the registered YouTube account.