Latest news with #Anti-MoneyLaundering
The Sun
18 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
18 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
18 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.
Gulf Today
a day ago
- Business
- Gulf Today
Central Bank of UAE imposes financial sanction of Dhs100m on exchange house
The Central Bank of the UAE (CBUAE) imposed a financial sanction of Dhs100 million on an exchange house, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018, regarding the Central Bank and Organisation of Financial Institutions and Activities, and amendments thereto. The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed significant failures in the exchange house's Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system. WAM
Time of India
2 days ago
- Time of India
Man loses Rs 1.3L in customs scam involving fake foreign friend in Gurgaon
Gurgaon: A resident was allegedly defrauded of Rs 1.32 lakh by cybercriminals who posed as customs officials and exploited his concern for a supposed foreign Facebook friend who turned out to be a fake person. The complainant stated that he received calls on April 18 from an unknown number claiming to be from the customs department. The caller told him that his foreign friend "Aliana", who supposedly arrived from Europe, was detained at the airport due to medical clearance issues and unpaid customs duties. The accused demanded Rs 130,000 for an "Anti-Money Laundering Certificate" to release her and assured Kumar that she would refund him once freed. "I just wanted to help my friend, but it seems she never existed," Kumar wrote in his detailed statement, adding that he now doubted the identity of "Aliana", whom he had previously interacted with on Facebook. Distressed and convinced of the urgency, Kumar transferred Rs 1,32,500 via PayTM from his Union Bank of India account using a scanner shared by the fraudster. After the payment, the caller claimed that Aliana had been released and would return his money. However, when Kumar tried to contact her via WhatsApp, he found himself blocked, and he later realised he had been scammed. Following the complaint, police registered the case under Sections 318(4) and 319 of the BNS.
