What is a Suspicious Transaction?
Suspicious transaction refers to any transaction (including attempted or proposed), regardless of the amount that:
- appears unusual;
- has no clear economic purpose;
- appears illegal;
- does not commensurate with the customer’s profile or business activities;
- involves proceeds from an unlawful activity; or
- (vi) indicates that the customer is involved in money laundering or terrorism financing activities.
How to Report Suspicious Transactions?
The reporting institutions must complete the suspicious transaction report (STR) Form and submit to the Financial Intelligence and Enforcement Department of Bank Negara Malaysia through the following channels:
What to Report?
To facilitate quality analysis of STR submitted, the reporting institutions are required to provide the following information in the STR:
- information on the person conducting the transaction;
- information on the account holder or beneficiary of the transaction;
- details of the transaction, such as the type of products or services and the amount involved;
- a description of the suspicious transaction or its circumstances; and
- any other relevant information that may assist the Financial Intelligence and Enforcement Department in identifying potential offences and individuals or entities involved.
- For Licensed Casino
- For Licensed Gaming Outlets
- For Lawyers, Notaries Public and Accountants
- For Company Secretaries
- For Trust Companies
- For Dealers in Precious Metals or Precious Stones
- For Registered Real Estate Agents
- For Moneylenders and Pawnbrokers
- For Leasing and Factoring Companies
- For Other Non-Bank Financial Institutions
DOs and DON’Ts on STR Submission
The compliance officer of the reporting institution must:
- promptly submit an STR to the Financial Intelligence and Enforcement Department of Bank Negara Malaysia within the next working day from the date the reporting institution establishes the suspicion; and
- continue to monitor the activities of the reported account or person.
The compliance officer or anybody who has the knowledge of the STR should preserve secrecy and should not inform the customer or anyone else that may tip the customer that an STR on the customer has been or is about to be submitted except if the disclosure is made by a person:
- to exercise his function under the Act (AMLA);
- to advise on the risks involved in dealing with a particular customer;
- to act in connection with the performance of his duties to the supervisory authority; or
- with the written authorisation of the competent authority.