Anti-money laundering and counter financing of terrorism regulation of banking institution in Malaysia
The Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) is the sole legislation dealing with this matter in Malaysia. Part 4 of this Act is the basic regulation for ‘reporting institutions’, including all types of bank. As Part 4 is only general, the Malaysian Central Bank as th...
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| Format: | Article |
| Language: | English |
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INSI Publications
2012
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| Online Access: | http://irep.iium.edu.my/26914/ http://irep.iium.edu.my/26914/ http://irep.iium.edu.my/26914/1/Anti-Money_Laundering_and_Counter_Financing_of_Terrorism_Regulation_of_Banking.pdf |
| Summary: | The Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) is the
sole legislation dealing with this matter in Malaysia. Part 4 of this Act is the basic regulation for
‘reporting institutions’, including all types of bank. As Part 4 is only general, the Malaysian Central
Bank as the ‘Competent Authority’ has issued detailed Guidelines. All ‘reporting institutions, banks
included, must follow the Standard Guidelines (UPW/GP1). There are ten Sectoral Guidelines
UPW/GP1[1] is for banks. Failure to follow the Act and the associated Guidelines could result in
severe legal consequences. |
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