Malaysia | BNM issues FAQs and Guidances on AML/CFT and TFS

On 1 September 2020 Bank Negara Malaysia (“BNM”) issued FAQs and Guidances for both Financial Institutions (“FIs”) and Designated Non-Financial Businesses and Professions (“DNFBPs”) and Non-Bank Financial Institutions (“NBFIs”), with the purpose of providing further clarification on the requirements in the revised Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions (“AML/CFT and TFS”) Policy Document that was issued on 31 December 2019 and came into force on 1 January 2020.

These include:

  • Guidance on Verification of Individual Customers for Customer Due Diligence; and
  • Guidance on Beneficial Ownership.

The full announcement and set of Guidances can be found here for FIs and here for DNFBPs & NBFIs.