Malaysia | AML/CFT compliance officer appointment notification method and Targeted Financial Sanctions reporting forms

Bank Negara Malaysia has issued a circular on 3 May 2021 to all reporting institutions (“RIs”) which are subject to the Anti-Money Laundering, Countering Financing of Terrorism (“AML/CFT”) and Targeted Financial Sanctions (“TFS”) for Designated Non-Financial Businesses and Professions (“DNFBPs”) & Non-Bank Financial Institutions (“NBFIs”) policy documents (“DNFBPs” and “NBFI PD”) indicating the following:

• the appointment of a compliance officer by RIs can now be made via filing of an online form.
• RIs which have previously notified Bank Negara Malaysia on the appointment of compliance officer need not resubmit its notification.
• RIs can now submit the forms, for purpose of targeted sanctions reporting, to a new email address as reflected in the revised forms in Appendices 6A, 6B, 7A and 7B of the DNFBPs and NBFI PD. The forms are also available here.

An e-platform is also launched by Bank Negara Malaysia to host a repository of awareness video materials including all the AML/CFT Webinar applicable to RIs. However, access to this e-platform is limited only to the compliance officers whose appointment have been notified to Bank Negara Malaysia.