Other Non-financial businesses and professions (Malaysia)

At Oktriz, we specialize in providing customized solutions for lawyers, registered real estate agents, and dealers in precious metals or stones to ensure compliance with Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regulations. We have expertise in helping these entities design and implement strong AML/CFT policies, procedures, and controls. Our services include identifying, preventing, and reporting suspicious transactions and activities related to money laundering and terrorism financing. We ensure that businesses in these sectors meet regulatory requirements and effectively mitigate the risks of financial crime

Latest Update

According to the latest revision by Bank Negara Malaysia (BNM), reporting institutions must adopt a risk-based approach to managing money laundering, terrorist financing, and proliferation financing risks. Additionally, they are mandated to comply with the requirements related to targeted financial sanctions (TFS) -February 2024

Are you a Reporting Institution?

Financial institutions

Licensed banks, investment banks, insurers, approved financial advisers, insurance brokers, issuers of designated payment instruments, money brokers under the Financial Services Act 2013, or the Islamic counterparts under the Islamic Financial Services Act 2013.
Prescribed development financial institutions under the Development Financial Institutions Act 2002.
Dealers in securities, derivatives, or fund management, licensed under the Capital Markets and Services Act 2007.
Lembaga Tabung Haji under the Tabung Haji Act 1995 [Act 535].

Designated Non-financial businesses and professions (DNFBPs)

Licensed gaming outlets.
Accountants.
Moneylenders.
Pawnbrokers.
Lawyers.
Company secretaries.
Trust companies.
Registered estate agents.
Licensed casinos.
Leasing and factoring business.
Dealers in precious metals or stones.
Cryptocurrency-related activities carried out by licensed or registered persons under the Capital Markets and Services Act 2007 relating to one or more of the following:
Providing safekeeping, storing, holding or custody of a digital currency or digital token for the account of another person.
Providing intermediation and advisory services relating to an offer or sale of a digital currency or digital token

*reference Part 1 of theAnti-Money Laundering, AntiTerrorism Financing and Proceeds of Unlawful Activities Act 2001(Malaysia)

DNFBPs Supported By Oktriz

Lawyers
Dealers in precious metals or stones
Registered estate agents

Preventive measures for reporting institutions

All reporting institutions are required by Malaysian AML act to implement preventive measures against money laundering and terrorism financing.

AML Requirements Under The Malaysia AMLA Act

The obligation to conduct Customer Due Diligence (CDD) and risk assessments

The obligation to maintain and retain records of transactions

The obligation to report suspicious transactions (STR) to the Central Bank of Malaysia

The obligation to implement an AML compliance program that is reflective of the reporting institution's money laundering risk exposure and its size, nature, and complexity.

Our Services

We provide a range of solutions to help your organization thrive. From regulatory compliance assistance to building trust with financial institutions, we have you covered. Explore our services below to learn more.

Suspicious Transaction Reporting Assistance

We provide guidance and support to designated non-financial businesses and professions (DNFBPs) in reporting suspicious transactions to the Central Bank of Malaysia. We assist clients in reviewing and developing processes to adhere to regulatory requirements. Specifically, we alert clients to our findings on Suspicious Transactions, ensuring they comply with all reporting obligations.

Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) Advisory

We provide advisory services for standard CDD procedures, such as customer identification, verification, and understanding business relationship purposes.
Additionally, Oktriz offers guidance and assist to help the client in implementing enhanced CDD measures for higher-risk customers and transactions.

Sanctions Screening Implementation

We assist DNFBPs establish and keep sanctions databases up to date, in line with the United Nations Security Council Resolutions (UNSCR) List and the Domestic List issued by the Ministry of Home Affairs of Malaysia.
We offer assistance in conducting sanctions screening for current, potential, or new customers and related parties to guarantee compliance with regulatory standards.

Compliance Assessment and Policy Development

We provide thorough assessments of your business's compliance with AML/TF regulations and assist in creating customized policies and procedures.
Our team will assist your business's in navigating the regulatory environment, ensuring compliance with reporting requirements and adopting risk-based approaches to manage ML/TF/PF risks.

Training and Education

we offer training programs and workshops to educate businesses on AML/TF compliance requirements and best practices.
We help to equip businesses with the knowledge and skills needed to identify suspicious transactions, conduct effective due diligence, and mitigate compliance risks effectively

Risk Profiling

Our team offers expert consultation to help clients select and implement the right KYC verification, transaction monitoring, and regulatory reporting review process.
We assist clients in conducting, customer due diligence, Enhanced Due Diligence and ongoing monitoring.
We provide screening services for sanctions and PEP lists, UBO checks, watchlist screening, and adverse media checks.
We offer ad hoc investigation services.
We provide relevant advisory and consultation tailored to your needs.

Compliance 101: Understanding Anti Money Laundering Risks In The Real Estate Industry In Malaysia

Money laundering is a serious issue in Malaysia's real estate sector, and compliance is crucial to prevent it. Non-compliance can result in severe penalties, which is why it's essential to manage these risks effectively. In this Online Course we highlight the critical AML risks in Malaysia's real estate sector. We'll discuss the importance of compliance to prevent money laundering, the severe penalties of non-compliance, and how Oktriz can assist in managing these risks effectively.

OKTRIZ