Latest news with #AMLA
The Sun
12 hours ago
- Business
- The Sun
Strengthen corporate remittance procedures in line with AMLATFPUAA
KUALA LUMPUR: Malaysian financial institutions should strengthen their due diligence procedures for corporate remittances in line with existing regulations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. Anti-money laundering and counter-financing of terrorism expert Muhamad Nazri Shaidon said Section 16 of AMLA places a clear obligation on banks to perform proper customer due diligence, especially when handling corporate remittances. With nearly a decade of experience in Bank Negara Malaysia's (BNM) Financial Intelligence and Enforcement Department, Muhamad Nazri said that while 'Know Your Customer' (KYC) requirements are standard across the financial sector, the depth and effectiveness of implementation vary significantly among institutions. 'Effective KYC is not a checkbox exercise. Banks must actively verify customer information to ensure it aligns with declared business activities,' he told Bernama recently. Muhamad Nazri, who is also an anti-money laundering trainer and practitioner, noted that financial institutions are required to screen corporate clients and their associated individuals against various sanctions lists and blacklists. 'This is particularly critical for clients identified as high-risk. For high-risk customers, enhanced due diligence (EDD) is necessary. These include individuals or entities linked to politically exposed persons (PEPs), complex ownership structures, high-risk industries such as gambling, defence, registered estate agents, dealers in precious metals or precious stones (DPMS), and professional service providers such as lawyers and accountants,' he said. Muhamad Nazri added that clients linked to adverse media reports may also fall under a high-risk classification, warranting a deeper scrutiny of their background, source of funds, and ongoing transactional behaviour. 'Banks must also clearly understand the nature and purpose of the business relationship and ensure that all transaction activities are consistent with the customer's established risk profile. 'Accurate identification of beneficial owners, defined as individuals who directly or indirectly control 25 per cent or more of the entity, is essential. Where irregularities or suspicions arise, banks are required to promptly submit a suspicious transaction report (STR) to BNM, in accordance with regulatory obligations,' he said.
The Sun
12 hours ago
- Business
- The Sun
Banks urged to tighten KYC on corporate remittances
KUALA LUMPUR: Malaysian financial institutions should strengthen their due diligence procedures for corporate remittances in line with existing regulations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. Anti-money laundering and counter-financing of terrorism expert Muhamad Nazri Shaidon said Section 16 of AMLA places a clear obligation on banks to perform proper customer due diligence, especially when handling corporate remittances. With nearly a decade of experience in Bank Negara Malaysia's (BNM) Financial Intelligence and Enforcement Department, Muhamad Nazri said that while 'Know Your Customer' (KYC) requirements are standard across the financial sector, the depth and effectiveness of implementation vary significantly among institutions. 'Effective KYC is not a checkbox exercise. Banks must actively verify customer information to ensure it aligns with declared business activities,' he told Bernama recently. Muhamad Nazri, who is also an anti-money laundering trainer and practitioner, noted that financial institutions are required to screen corporate clients and their associated individuals against various sanctions lists and blacklists. 'This is particularly critical for clients identified as high-risk. For high-risk customers, enhanced due diligence (EDD) is necessary. These include individuals or entities linked to politically exposed persons (PEPs), complex ownership structures, high-risk industries such as gambling, defence, registered estate agents, dealers in precious metals or precious stones (DPMS), and professional service providers such as lawyers and accountants,' he said. Muhamad Nazri added that clients linked to adverse media reports may also fall under a high-risk classification, warranting a deeper scrutiny of their background, source of funds, and ongoing transactional behaviour. 'Banks must also clearly understand the nature and purpose of the business relationship and ensure that all transaction activities are consistent with the customer's established risk profile. 'Accurate identification of beneficial owners, defined as individuals who directly or indirectly control 25 per cent or more of the entity, is essential. Where irregularities or suspicions arise, banks are required to promptly submit a suspicious transaction report (STR) to BNM, in accordance with regulatory obligations,' he said.
Barnama
12 hours ago
- Business
- Barnama
Strengthen Corporate Remittance Procedures In Line With AMLATFPUAA
BUSINESS By Sevagamy Nythiananthan KUALA LUMPUR, 31 May (Bernama) -- Malaysian financial institutions should strengthen their due diligence procedures for corporate remittances in line with existing regulations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. Anti-money laundering and counter-financing of terrorism expert Muhamad Nazri Shaidon said Section 16 of AMLA places a clear obligation on banks to perform proper customer due diligence, especially when handling corporate remittances. With nearly a decade of experience in Bank Negara Malaysia's (BNM) Financial Intelligence and Enforcement Department, Muhamad Nazri said that while 'Know Your Customer' (KYC) requirements are standard across the financial sector, the depth and effectiveness of implementation vary significantly among institutions. 'Effective KYC is not a checkbox exercise. Banks must actively verify customer information to ensure it aligns with declared business activities,' he told Bernama recently. Muhamad Nazri, who is also an anti-money laundering trainer and practitioner, noted that financial institutions are required to screen corporate clients and their associated individuals against various sanctions lists and blacklists. 'This is particularly critical for clients identified as high-risk. For high-risk customers, enhanced due diligence (EDD) is necessary. These include individuals or entities linked to politically exposed persons (PEPs), complex ownership structures, high-risk industries such as gambling, defence, registered estate agents, dealers in precious metals or precious stones (DPMS), and professional service providers such as lawyers and accountants,' he said. Muhamad Nazri added that clients linked to adverse media reports may also fall under a high-risk classification, warranting a deeper scrutiny of their background, source of funds, and ongoing transactional behaviour. 'Banks must also clearly understand the nature and purpose of the business relationship and ensure that all transaction activities are consistent with the customer's established risk profile.
![[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FHQ130824HZ003_1748576034.jpg&w=3840&q=100)
![[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
a day ago
- Business
- New Straits Times
[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star
KUALA LUMPUR: Three more individuals, including a "Tan Sri" linked to a major real estate developer, were arrested to assist police investigations into a Ponzi-style investment scam under Op Northern Star. Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the trio were arrested between May 1 and May 17, following new information obtained during the course of investigations. "As of now, the information gathered found no links to any politician. "To date, a total of 17 individuals were arrested. "The arrests were made around Kuala Lumpur and Penang," he told a press conference here today. The three suspects were remanded for between five and nine days, and were subsequently released on police bail. Police have confiscated 477 properties valued at an estimated RM150 million, four condominium units worth around RM12 million, and RM326,088,127.11 from 37 bank accounts. Additionally, four yachts and three passenger boats valued at RM36.3 million, three luxury vehicles amounting to RM637,100, and two watches worth a total of RM160,000 were also seized. Police further recovered over RM283,000 in cash and five mobile phones, bringing the total value of items seized since the operation began to over RM3.8 billion. Bukit Aman's Anti-Money Laundering Crime Investigation (AMLA) Unit also seized five businesses, including a durian farm, a real estate development company, and a hotel — bringing the total number of businesses seized to eight. "Some of these companies are publicly listed, some are private companies which are operating legally even," he explained. Op Northern Star is an investigation into a Ponzi-type investment scam linked to Mobility Beyond Imagination (MBI). On 22 April, police seized and froze more than RM338.53 million in assets related to the case. On 11 April, four men with "Datuk" titles, including two lawyers, were among eight people arrested in the same probe
The Star
3 days ago
- Politics
- The Star
Nurul Izzah: Fearless Rafizi will remain relevant
Taking over: Nurul Izzah paid tribute to Rafizi (right) for his ideas. — Photo taken from Nurul Izzah's Facebook PETALING JAYA: A 'fearless' Datuk Seri Rafizi Ramli will continue to shape the country's future through meaningful ways even if he is not in the government, says Nurul Izzah Anwar. The new PKR deputy president, who beat Rafizi in the party election, said he was never afraid to confront those in power or to speak the truth. She said her predecessor's ideas and policies changed the country's discourse, especially in terms of governance, transparency and economic justice. 'I respect him. Many of his ideas will not be forgotten. Instead, they will be continued, refined and implemented, not because they came from him or me, but because they are best for Malaysia. 'This country needs bold ideas and steps, and I believe he has a lot more to contribute,' she said on her Facebook page yesterday. Her statement came after the Pandan MP announced his resignation from his Cabinet post as Economy Minister yesterday, Separately, Nurul Izzah spoke about how her focus remains on strengthening PKR. 'As part of the first step, we will introduce mandatory training specific for party leadership at central, state and branch levels on the Anti-Money Laundering Act (AMLA), corruption and tax compliance,' she said. Former Rembau MP Khairy Jamaluddin, who was sacked from Umno in 2023, had urged Rafizi not to quit despite his defeat. Rafizi, he said, had strong resilience and was still able to contribute ideas even without a key position. However, the former health minister acknowledged that Rafizi's situation was different from his own. Khairy, who challenged Umno president Datuk Seri Dr Ahmad Zahid Hamidi in 2018 and lost, said he had chosen to remain in the party after the defeat. 'When I was sacked, I had no choice. I had no issue with the party; I had merely offered myself for the presidency. 'My relationship with Zahid remained good. So, to Rafizi, keep fighting!' he told Sinar Harian during a visit to the Karangkraf Group Complex on Tuesday.
