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AML/CFT Requirements

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Penalties for non-compliance of Reporting Obligations under Part IV and General Offence under the Anti-Money Laundering, Counter Financing of Terrorism and Proceeds of Unlawful Activities Act (AMLA) 2001

Penalties for Non-Compliance

Any non-compliance with the Reporting Obligations under Part IV or any provision of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) or Policy Document may lead to penalties such as:

Section under the AMLA 2001 Obligations Penalties for non-compliance
  • S.14A
  • S.17
  • S.18
  • Prohibition against disclosure of reports and related information;
  • Retention of records; and
  • Opening of account or conducting business relationship, transaction or activity in fictitious, false or incorrect name
 A fine not exceeding RM3 million or imprisonment for a term not exceeding five years or to both.
  • S.22
  • Powers to enforce compliance
 A fine not exceeding RM1  million  or  imprisonment for a term not exceeding three years or to both, and, in the case of a continuing offence, shall in addition be liable to a fine not exceeding RM3,000  for each day or part thereof during which the offence continues to be committed.
  • S.26
  • S.27
  • Examination of person other than a RI; and
  • Appearance before examiner
 A fine not exceeding RM3  million  or imprisonment for a term not exceeding five years or to both, and, in the case of a continuing offence, shall in addition be liable to a fine not exceeding RM3,000  for each day or part thereof during which the offence continues to be committed.
  • S.86
  • S.14
  • S.16
  • S.19
  • General offence
  • Report by reporting institution
  • Customer due diligence
  • Compliance program
 Any person who contravenes— (a) any provision of this Act or regulations made under it; or (b) any specification or requirement made, or any order in writing, direction, instruction, or notice given, or any limit, power conferred under or pursuant to any provision of this Act or regulations made under it, commits an offence and shall on conviction, if no penalty is expressly provided for the offence under the AMLA  or the regulations, be liable to a fine not exceeding RM1 million .