Primary source company intelligence via Know Your Business (KYB) Solution


Malaysia’s AML/CTF supervisors

Bank Negara Malaysia (BNM)

According to the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act of 2001, Bank Negara Malaysia (BNM) is the competent body in Malaysia. BNM, among other things, directs national AML/CTF efforts, creates AML/CTF regimes and regulations, and collects and evaluates Suspicious Transaction Reports (STRs).

How do you comply with AML/CTF regulations in Malaysia?

  1. While establishing or maintaining commercial ties, carrying out any transaction with customers, or performing tasks for or on behalf of clients, whether they are sporadic or regular customers
  2. If the planned transaction or activity costs more than what a competent authority may allow
  3. When there is a solid basis for suspicion that a ML/TF offence has been committed
  4. When the validity or sufficiency of previously acquired consumer identifying data is under question
  1. Determine the client
  2. Establish their identity
  3. Check the credentials of anyone claiming to speak or act on behalf of a customer
  4. Follow the reasonable steps to ascertain a person's identity if there is any reasonable doubt that a person is not acting on their own behalf when an account is opened or when a transaction or other activity is carried out
  1. The creation of policies to guarantee high levels of integrity among its personnel and a method to assess their financial, employment, and personal histories
  2. Ongoing employee training initiatives, such as "know your customer" initiatives, as well as teaching employees about the requirements related to recordkeeping, reporting, due diligence, and record retention
  3. A function of independent auditing to verify such programmes' compliance