OKTRIZ

On February 5, 2024, Bank Negara Malaysia issued a revision to the Policy Document on Anti-Money Laundering (AML), Countering Financing of Terrorism (CTF), Countering Proliferation Financing (CPF), and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions, and Non-Bank Financial Institutions.

Refer HERE for the policy 

Objective 

These policy documents include the most recent Financial Action Task Force Standards updates and clarify the AML/CFT/CPF requirements for reporting institutions. Reporting institutions are now obligated to implement a risk-based approach to managing ML/TF/PF risks and adhere to TFS requirements.

The objectives of the policy documents are to:

• Outline the obligations of reporting institutions in relation to the requirements stated in the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001 (AMLA).

• Establish requirements for reporting institutions to adopt a comprehensive risk-based approach for managing ML/TF/CPF risks.

• Define the requirements for reporting institutions to enforce targeted financial sanctions.

How we can help

To comply with the latest anti-money laundering (AML) policy by Bank Negara Malaysia, Oktriz offers a comprehensive range of services to meet the updated regulatory requirements. Here are some key compliance services provided by Oktriz:

Risk-Based Approach Implementation:

• Developing and implementing a risk-based approach to manage the risks of money laundering (ML), terrorism financing (TF), and proliferation financing (PF).

• Tailoring risk assessment tools to identify and mitigate specific risks associated with your institution.

Client Due Diligence (CDD) Procedures:

• Enhanced CDD processes to verify the accuracy of client information.

• Multi-stage verification methods to ensure compliance with the new standards for obtaining and verifying client data.

Targeted Financial Sanctions (TFS) Compliance:

• Guidance on implementing targeted financial sanctions related to proliferation financing.

• Screening of clients and transactions against updated TFS lists to ensure compliance with the relevant regulatory bodies.

AML/CFT Training Programs:

• Develop and deliver comprehensive training programs tailored to the needs of different staff levels.

• Simplified training solutions for smaller reporting institutions to ensure compliance without overburdening resources.

Reporting and Monitoring:

• Implement robust reporting mechanisms for suspicious transaction reports (STRs) and other regulatory filings.

• Real-time monitoring solutions to detect and respond to red flags promptly.

Policy and Procedure Development:

• Assistance drafting and updating AML/CFT policies and procedures to align with the latest regulatory updates.

Compliance Audits and Assessments:

• Regular compliance audits to ensure that AML/CFT controls are effective and in line with regulatory expectations.

• Risk assessments to identify potential compliance gaps and areas for improvement.

Regulatory Liaison and Support:

• Support liaising with regulatory bodies to ensure seamless AML/CFT regulations compliance.

• Advisory services to keep your institution informed of the latest regulatory changes and best practices.