Latest news with #Anti-MoneyLaunderingandCounterFinancingofTerrorism
Malaysian Reserve
24-04-2025
- Business
- Malaysian Reserve
Mayu Global redesignates Tan Kim Hee amid money laundering probe
by RUPINDER SINGH MAYU Global Group Bhd has announced the redesignation of Tan Kim Hee to non-executive director from executive director, effective May 2, 2025, as part of wider corporate measures taken in response to an ongoing police investigation under Malaysia's anti-money laundering laws. The board's decision, made by mutual consent and without prejudice, follows recommendations by its nomination and remuneration committee and was formalised during a board meeting on April 23. Tan abstained from the deliberations and vote, it told the bourse in a filing today. The company stated that the change 'serves as a precautionary measure to uphold good corporate governance, preserve the integrity of the investigation process and prevent any potential conflict of interest during the course of the investigation.' Tan will no longer be involved in the day-to-day management of the group or its subsidiaries, particularly in matters involving monetary transactions. Leadership of operations will remain with executive directors Goh Chin Heng, Tan Qian Hui, and Chow Choon Hoong, supported by the senior management team. The redesignation follows disclosures made by the group previously, including the freezing of banking accounts of Mayu and its subsidiaries – amounting to RM10.67 million – under Section 44 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA). The freezing orders, issued on April 10, are valid for 90 days. In a filing dated April 15, the company revealed that Tan, who is a substantial shareholder holding 11.095% of Mayu Global, was detained by Bukit Aman police on April 2 and released on April 7 without charges. He is also reported to be the brother-in-law of MBI Group founder Tedy Teow Wooi Huat. To safeguard its interests, MAYU has appointed legal counsel to handle all aspects of the ongoing investigation. According to the company, the legal team has 'initiated engagements with PDRM and is providing full cooperation, including the submission of any requested documentation to safeguard the Group's operations and assets.' In addition to legal representation, the company has tightened internal controls. 'Controls over payments, procurement processes, and banking transactions have been tightened,' the board said. Internal monitoring has been intensified, especially for transactions that may trigger red flags under AMLA, and the finance team is providing regular updates to assess operational impact and maintain continuity. A comprehensive third-party internal audit is also underway. Mayu has engaged Baker Tilly Monteiro Heng PLT to conduct a review of Sunrise Manner Sdn Bhd – an 80%-owned subsidiary since October 10, 2018 – focusing on cash flow and financial transactions. The audit will emphasise identifying the source of funds related to the company's operations. The company further stated that 'an Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policy will be adopted in due course' to enhance compliance across the group.
Arab Times
01-04-2025
- Business
- Arab Times
Kuwait steps up inspections of money exchange offices
KUWAIT CITY, April 1: Minister of Commerce and Industry, Khalifa Al-Ajeel, launched a comprehensive inspection campaign on Tuesday targeting money exchange offices in Kuwait. This initiative is part of the country's efforts to meet the requirements of the Financial Action Task Force (FATF) and strengthen its measures against money laundering and terrorism financing. In a press statement during the inspection, which focused on areas with high concentrations of money exchanges, Al-Ajeel emphasized the importance of this evaluation for the future economic situation of the country. This campaign is in line with a decision made by the Cabinet last October to intensify efforts and promote greater cooperation between government agencies to meet international standards. The goal is to preserve Kuwait's reputation and international standing. The Minister further explained that the campaign was designed to enhance financial transparency and ensure that all institutions comply with regulatory frameworks. This will help protect the national economy and improve Kuwait's position in international financial assessments. Al-Ajeel noted that the initiative also serves to fulfill the FATF requirements for evaluating Kuwait's efforts to combat money laundering and terrorism financing. The FATF is one of the key regulatory bodies responsible for enforcing the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) law. The inspection drive aims to ensure that companies and institutions comply with the regulations set by the Central Bank of Kuwait, following the expiration of the deadline for licensing holders on March 31. According to a statement from the Ministry, the tour included 138 exchange shops that are involved in currency exchange activities, which fall under the supervision of the Ministry of Commerce and Industry. During the initial day of inspections, most of the exchange offices were found to be closed, with only one violation detected. The Ministry confirmed that inspection teams would continue to monitor compliance at these exchange shops. These efforts are based on Cabinet Resolution No. (552), issued during a meeting held on June 11, 2024, which mandates the transfer of oversight of exchange shops from the Ministry of Commerce and Industry to the Central Bank of Kuwait. Additionally, the Ministry is enforcing Ministerial Resolution No. (233) of 2024, which regulates the operations of exchange companies and institutions in alignment with Central Bank requirements.
