Tighter rules for Malaysian dealers, agents, and accountants? BNM to review money laundering risks next year

KUALA LUMPUR, Oct 23 — Bank Negara Malaysia (BNM) plans to reassess money laundering and terrorism financing risks associated with designated non-financial businesses and professions (DNFBP) next year. Deputy Governor Datuk Marzunisham Omar stated that the National Risk Assessment will provide a more detailed examination of these risks, enabling the creation of more focused measures to combat them.

DNFBP includes companies with parent entities incorporated in Malaysia, as well as their branches, subsidiaries, and any legal entities that coordinate functions under group supervision. Marzunisham emphasized that enforcing AML, CFT, and CPF policies requires not only robust legislation and policies but also effective supervision and enforcement.

Recent enforcement actions against a company secretary and a Labuan investment bank for failing to submit suspicious transaction reports indicate that weak due diligence and reporting create opportunities for criminals to disguise illicit funds as legitimate.