BNM's AML/CFT Newsletter 03/2022 - Anti Money Laundering / Countering Financing of Terrorism (AML/CFT)

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null BNM's AML/CFT Newsletter 03/2022

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1. Issuance of the Red Flags and Typologies Report for Lawyer

Bank Negara Malaysia has issued the Red Flags and Typologies Report for Legal Sector on 9 June 2022. The report highlights the points of vulnerabilities of the legal sector that can be abused for money laundering and terrorism financing activities as well as relevant red flags for the purpose of identifying and reporting suspicious transactions.

The report is issued as limited circulation to the legal sector and is circulated through the nominated Compliance Officer, self-regulated bodies and industry association of the legal sector.

It is strictly not for public consumption.

2. Publication of the AML/CFT Data and Compliance Report (DCR) 2021 Thematic Report for Gatekeepers Sectors

Bank Negara Malaysia has published the DCR 2021: Thematic Sectoral Report for all Gatekeepers Sectors in end of May 2022. The thematic report provides an overview of responses and general observations, granular analysis on inherent risk and compliance level based on the reports submitted by reporting institutions, including good practices and recommendations for the sector moving forward. The report is expected to benefit the reporting institutions as a guidance to focus on areas of weakness and strengthen controls where the risks are highest.

This report is issued as limited circulation to all compliance officers who submitted DCR2021 and it is strictly not for public consumption.

3. Circular on Targeted Financial Sanction on Terrorism Financing

Bank Negara Malaysia has issued a circular on Targeted Financial Sanction on Terrorism Financing dated 2 June 2022 and the latest gazette orders [P.U.(A) 127/2022] which takes into effect from 25 April 2022 to amend the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (Declaration of Specified Entities and Reporting Requirements) Order 2014 [P.U. (A) 93/2014] to include new groups and individuals as specified entities, as well as to remove several existing groups and individuals from the list of specified entities.

Reporting institutions are to take action in accordance with the requirements under the Policy Document, including:

Update the relevant sanctions list within the firm;
Screen existing, potential, and new customers
In the event of a positive name match:
1. Reject transactions for new/potential customers
2. Freeze funds/ properties for existing customers
3. Block transactions (where applicable)
Report, if positive name match (both STRs and determination form in the Appendix 5 and 6A, 6b, 7A or 7B of the PD)

Please click the infographic above or the link for the Infographic on Targeted Financial Sanctions.

BNM in consultation with the Ministry of Home Affairs can take appropriate action against institutions which fail to comply with requirements in sections 66B or 66D of the AMLA or directions issued under section 66E of the AMLA.

Please find the relevant forms as linked:

Please be guided accordingly.

Please click on the button below to access the BNM's circular.

Click for the BNM's Circular

Or copy paste the URL address below to your internet browser (Under Circulars): https://amlcft.bnm.gov.my/web/amlcft/circulars-technical-notes#2

A copy of P.U.(A) 127/2022 are also available at the Attorney General’s Chambers’ Federal Government Gazette website at:
https://lom.agc.gov.my/

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.