News Updates - BNM

BANK NEGARA MALAYSIA (BNM)

CIRCULAR AND LATEST GAZETTE ORDER
Please be informed that Bank Negara Malaysia (BNM) issued a Circular, which amongst others, relating to the latest gazette order which comes into effect on 15 February 2023, amending the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (Declaration of Specified Entities and Reporting Requirements) Order 2014 [P.U. (A) 93/2014] by adding new individuals as specified entities, removing individuals from the list of specified entities and updating the particulars of groups in the list of specified entities.

Please click here for the Circular and Order.

BNM - AML/CFT Newsletter 2/2023
Please be informed that Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 6/2022, relating to the following:

1. [FOR ACTION] Preparation for Malaysia's Mutual Evaluation (ME) 2024-2025

The upcoming ME for Malaysia is scheduled to take place between April 2024 and December 2025. Reporting institutions (RIs) are required to conduct sanction screening as part of their customer due diligence and ongoing due diligence processes, as outlined below:

• Implement AML/CFT controls using the AML/CFT Guide as a reference.
• Appoint and notify the Compliance Officer to BNM through Compliance Officer Nomination Notification Form.
• Report any suspicious activities to BNM.
• Screen all customers against the Sanction Lists.

2. [FOR ACTION] Targeted Financial Sanctions (TFS) on terrorism financing, proliferation financing and other UN-Sanctions regimes

The upcoming ME for Malaysia is scheduled to take place between April 2024 and December 2025. Reporting institutions (RIs) are required to conduct sanction screening as part of their customer due diligence and ongoing due diligence processes, as outlined below:

• RIs are required to conduct sanction screening as part of their customer due diligence and on-going due diligence process.
• You may refer to sample of TFS template here
• ensure screening on their customer is conducted based the updated Sanction Lists.

BNM - AML/CFT Newsletter 1/2023
Please be informed that Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 6/2022, relating to the following:

1. Inclusion of Myanmar in the list of high-risk jurisdictions subject to a call for action (blacklist)

The Financial Action Task Force (FATF) had in October 2022 included Myanmar in the blacklist due to the lack of progress in addressing its AML/CFT strategic deficiencies. The majority of Myanmar action items are still not addressed after a year beyond the action plan deadline in September 2021.

2. Gazette Order on AMLA (Declaration of Specified Entities and Reporting Requirements) (Amendment) Order 2023

Reporting institutions (RIs) are to act in accordance with the requirements under the Policy Document (PD), including:

1.Update the relevant sanctions list within the firm;

2.Screen existing, potential, and new customers;

3.In the event of a positive name match:

• Reject transactions for new/potential customers;
• Freeze funds/ properties for existing customers;
• Block transactions (where applicable);

4.Report both Suspicious Transaction Report (STR) and determination form in the Appendix 5 and 6A, 6b, 7A or 7B of the PD, if positive name matches

3.Call for Action: Suspicious Transaction Report (STR)

FATF had provided an internal mechanism to detect and submit STR to BNM with the effective AML/CFT mechanism to detect suspicious transactions and report STR. RIs to have an internal mechanism to detect and submit STR to BNM and to put in place an effective AML/CFT mechanism that enable detection of suspicious transactions and report STR to BNM

4.Outcomes of the FATF Plenary, 22-24 February 2023

a) International Cooperative Review FATF had provided the key outcomes for the February 2023 FATF Working Groups and Plenary meetings held from 20 to 24 February 2023.

b) Policy Development

The FATF Plenary had finalized a guidance document which will help countries implement the revised requirements of Recommendation 24 on transparency of legal persons.

5.Implementation of Beneficial Ownership (BO) Requirements by Legal Sector

BNM will be issuing a thematic report on the Implementation of Beneficial Ownership (BO) Requirements to the legal sector to deter and prevent the misuse of legal persons for money laundering, terrorism financing or other crimes through the legal sector. The report is issued as limited circulation to the legal sector and will be circulated through the nominated Compliance Officer, self-regulated bodies, and industry association of the legal sector.

6.AML/CFT Data & Compliance Report

BNM will not be issuing the DCR to DNFBP and NBFI Ris for the year 2023. Nevertheless, RIs including those who have received their respective report cards, are expected to fully comply with the requirements of the AMLA and AML/CFT and TFS for DNFBPs and NBFIs PD. BNM will be pursuing enforcement actions for non-submission of the DCR.

Please click here for the Newsletter 1/2023.

BNM - AML/CFT Newsletter 6/2022
Please be informed that Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 6/2022, relating to the following:

1. Notification of Compliance Officer (CO)?

It is a mandatory requirement to appoint a CO and notify BNM of such appointment.

Reporting institutions (RIs) can only submit the DCR 2022 after notifying BNM of the appointment of the firm's CO.

The CO will receive an email containing an invitation code to register as a user in the DNFBP portal for DCR 2022 submission.

2. Updates to DCR 2022 Materials

The DCR materials have been updated based on the common questions raised during the DCR clinics held between 19 and 23 September 2022.

Please click here for the Newsletter 6/2022.

BNM - AML/CFT Newsletter 5/2022
Please be informed that Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 5/2022, relating to the following:

A. AML/CFT Data & Compliance Report 2022
The AML/CFT Data & Compliance Report (DCR) 2022 has been issued to DNFBP and NBFI institutions (RIs) of the following sectors:

• Accountants
• Company Secretaries
• Dealers in precious metals/stones
• Lawyers and notaries public
• Registered estate agents

The firms from the five sectors above, will be required to submit DCR 2022; declare the firm’s status or exempted from submitting DCR 2022 depending on the firm’s situation.

The DNFBP portal will be available on 1 September 2022. The submission period is between 1 September 2022 and 30 November 2022. No extension will be provided for DCR 2022.

RIs are required to submit DCR 2022 through the online DNFBP portal accessible via web browser from any device at https://dnfbpportal.bnm.gov.my.

Please click here for further details.

B. BNM and SSM Strengthen Strategic Collaboration on AML/CFT Regulation and Supervision.
Bank Negara Malaysia (BNM) and Suruhanjaya Syarikat Malaysia (SSM) signed the Terms of Collaboration (TOC) on 21 August 2022 in an effort to strengthen collaboration in the regulation and supervision of anti-money laundering, countering financing of terrorism (AML/CFT) and targeted financial sanctions (TFS), ultimately contributing to maintaining the integrity of the financial system.

Please click the following for further details:

BNM media release

SSM media release

C. FATF’s Risk-based Approach Guidance for the Real Estate Sector
FATF in July 2022 issued the revised Risk-based Approach (RBA) Guidance for the Real Estate Sector. The Guidance highlights the importance for the REA sector to increase its understanding of the money-laundering and terrorist financing risks that the sector faces; including the vulnerabilities of exploitation by politically exposed persons, use of virtual assets, use of anonymous companies and gatekeepers as instruments to launder the proceeds of crime through real estates.

Please click here for further details:

FATF Risk-based Approach Guidance

BNM AML/CFT Newsletter 5/2022

BNM - AML/CFT Newsletter 4/2022
Please be informed that Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 4/2022, relating to the following:

i) Preparation for Data and Compliance Report (DCR) 2022
Since 2020, DNFBP and NBFI reporting institutions (RI) including company secretaries are required to submit mandatory annual compliance reports i.e. DCR which covers important areas of the RI’s exposures to ML/TF risks and their AML/CFT compliance level.
The DCR 2022, RI are to be ready with the appointment of their Compliance Officer (CO) and CO Number.
Please click here for the detailed information to the DCR Infographic.

ii) FATF Revision of Recommendation (R.25) on the Transparency and Beneficial Ownership of Legal Arrangements - White Paper for Public Consultation.
The Financial Action Task Force (FATF) is considering proposals for amendments to Recommendation 25 (R.25) and its Interpretive Note (INR) on the transparency and beneficial ownership of legal arrangements.
The FATF would welcome comments on key areas, as available in the R.25 White Paper. Members, if any, wishing to provide their responses, on the White Paper may send their responses to the Institute by 22 July 2022 or to FATF directly by 1 August 2022 (18h00 CET), including any drafting proposals to FATF.Publicconsultation@fatf-gafi.org with the subject line "Comments of [author] on the draft Amendments to Recommendation 25".
Click here for the White Paper.

iii) AML/CFT Compliance Programmes for Company Secretaries [2022 SSM Webinar]
Suruhanjaya Syarikat Malaysia (“SSM”) is organizing webinars on AML/CFT Compliance Programmes for company secretaries as follows:
Roles and responsibilities of Company Secretaries as Compliance Officers under AMLA 2001 (10 August & 6 December 2022)
Company Secretaries as RIs under AMLA 2001 (30 November 2022)

View AML/CFT Newsletter 4/2022 >>

BNM - AML/CFT Newsletter 3/2022
Please be informed that Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 3/2022, relating to the following:

i) Issuance of the Red Flags and Typologies for Lawyer
The Red Flags and Typologies Report for the Legal Sector were issued on 9 June 2022 (not for public circulation). The report highlighted the points of vulnerabilities of the legal sector that can be abused for money laundering and terrorism financing activities as well as relevant red flags for the purpose of identifying and reporting suspicious transactions.

ii) Publication of the AML/CFT Data and Compliance Report (DCR) 2021 Thematic Report for Gatekeepers Sectors
The DCR 2021: Thematic Sectoral Report for all Gatekeepers Sectors (not for public circulation) was published at the end of May 2022. This provided an overview of responses and general observations, granular analysis of inherent risk, and compliance level based on the reports submitted by reporting institutions, including good practices and recommendations for the sector moving forward. The report is expected to benefit the reporting institutions as a guide to focus on areas of weaknesses and strengthen controls where the risks are highest.

iii) Circular on Targeted Financial Sanction on Terrorism Financing
A circular on Targeted Financial Sanction on Terrorism Financing was issued on 2 June 2022 and the latest gazette orders [P.U.(A) 127/2022] which took effect from 25 April 2022. This was issued to amend the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities (Declaration of Specified Entities and Reporting Requirements) Order 2014 [P.U. (A) 93/2014] to include new groups and individuals as specified entities, as well as to remove several existing groups and individuals from the list of specified entities.
View BNM's Circular >>

View Newsletter 3/2022 >>

BNM - AML/CFT Newsletter 2/2022
Please be informed that Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 2/2022, relating to the following:

i) Publication of the Executive Summary of National Risk Assessment (NRA) 2020
The NRA 2020, is the fourth iteration of a centralized assessment to identify and assess Malaysia’s exposure to money laundering and terrorism financing (ML/TF) risks. For all reporting institutions (RIs), as required under the AML/CFT and TFS for DNFBP and NBFIs Policy Document, reporting institutions shall be guided by the results of the NRA issued by the NCC in conducting their own risk assessments and take enhanced measures to manage and mitigate the risks identified in the NRA (paragraph 10.2.4).
The NRA 2020 Executive Summary can be accessed here >>

ii) Publication of the Reference Notes on the Requirements of BNM and SSM on Beneficial Ownership of Legal Persons
Company Secretaries and officers of the corporation under the Companies Act 2016 (CA 2016) are required to comply with the beneficial ownership (BO) requirements implemented by BNM and Companies Commission of Malaysia (SSM), respectively, to deter and prevent the misuse of funds by legal persons for money laundering, terrorism financing or other crimes.

The Reference Notes are jointly developed by SSM and BNM based on SSM’s Guideline for the Reporting Framework for BO of Legal Persons and BNM’s AML/CFT and TFS for DNFBP and NBFIs Policy Document to provide clarity on the similarities and differences between the obligations of company secretaries on the requirements relating to BO of legal persons under both documents.
View Reference Notes >>
View Press Release by SSM >>

iii) Launching of the New BNM's AML/CFT Microsite
The new AML/CFT microsite has recently come live and serves as a platform for BNM to publish important circulars and resources beyond those published on the BNM’s main website.
View BNM's AML/CFT microsite >>

View Newsletter 2/2022 >>

BNM - AML/CFT Newsletter 1/2022
Please be informed that Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 1/2022, relating to the following :

i) Application of Group-Wide Programmes by Non-Financial Businesses and Professions - FATF Recommendations
In October 2021, the Financial Action Task Force (FATF) adopted minor amendments to Recommendation 23 and the FATF Glossary to clarify how the existing requirements in Recommendation 18 are implementing the group-wide programmes against money laundering and terrorist financing in Designated Non-Financial Businesses and Professions (DNFBPs).

The FATF Explanatory Materials can be accessed here >>

ii) Amendments to Invocation of AMLA on Accountants, Lawyers, Company Secretaries and Registered Estate Agents
Effective 30 December 2021, the reporting obligations under Part IV of the AMLA were expanded to include firms, besides individual lawyers, accountants and company secretaries who are reporting institutions carrying out the Gazetted Activities. Similarly, the invocation of AMLA was also expanded to registered estate agents (REAs) at the firms' level.
 The relevant Gazette Orders can be accessed here :
For Lawyers & Accountants >>
For Company Secretaries >>
For REAs >>

iii) Infographics: Invocation of AMLA Requirements on DNFBPs for Accountants, Lawyers, Company Secretaries and REAs
The infographics on the invocation of AMLA requirements can be accessed here:
The relevant Gazette Orders can be accessed here >>

View Newsletter 1/2022 >>

Amendments to Part IV AMLA
Please be informed that: Bank Negara Malaysia (BNM) announced that effective 30 December 2021, reporting obligations under Part IV of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (AMLA) have been expanded to be applicable on Company Secretaries (reporting institutions) carrying out Gazetted Activities at firm/entity level in addition to the individual level.
Attached is a copy of Amendments to Part IV AMLA Invocation on Company Secretaries for your information.
Further Details >>

BNM - AML/CFT Newsletters 08/2021
Please be informed that Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 8/2021 relating to the following :

i) Policy Document in Bahasa Melayu

BNM has published the Bahasa Melayu version of the Policy Document on Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions (DNFBPs) & Non-Bank Financial Institutions (NBFIs) (AML/CFT and TFS for DNFBPs and NBFIs). The English version of the Policy Document was issued on 31 December 2019. The policy document came into force on 1 January 2020.

ii) Reminder : Extension of Deadline for Submission of Data & Compliance Report (DCR) 2021 and DCR Infographic
Taking into account the opening of sectors and businesses in phases under the National Recovery Plan, in order to allow more time for reporting institutions (RIs) to meet their reporting obligations, BNM is extending the submission period for the DCR 2021 until 15 November 2021.

iii) BNM's AML/CFT E-Platform infographic (NEW)
The private E-Platform hosts the repository of awareness video materials as well as all AML/CFT Webinar series for the DNFBP and NBFI sectors, held between April and December 2020, that can be accessed by all Compliance Officers. The series provides comprehensive guidance on AML/CFT requirements.

Further details please click here for the Newsletter.

BNM AML/CFT Newsletters 07/2021
Please be informed that Bank Negara Malaysia (BNM) issued the AML/CFT Newsletter 7/2021 relating to the following:

i) REMINDER : Extension of Deadline for Submission of Data & Compliance Report (DCR) 2021 and new DCR Infographic

BNM wishes to remind all reporting institutions of the mandatory submission of the Data and Compliance Report (DCR) 2021. As informed in the previous newsletter, BNM had extended the deadline, to 30 September 2021, for DCR submission in order to allow more time for RIs to fill in and submit a complete DCR through the DCR portal.

ii) New : APG Yearly Typologies Report 2021
The The Asia/Pacific Group on Money Laundering (APG), the FATF-style regional body for the Asia/Pacific, has published the new Typologies Report 2021.

Further details please click here for the Newsletter.

BNM - AML/CFT Newsletters 06/2021
a)Malaysia's Proliferation Financing Risk Assessment Report (PFRA)
The Malaysia's PFRA which forms part of the National Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) Strategic Plan 2015 – 2020 has been issued, amongst others, to mitigate risks arising from proliferation financing threats and vulnerabilities. For further details, RIs may refer to the PFRA report in the link provided in this Newsletter.

b) Extension of Deadline for Submission of DCR 2021
BNM is cognisant of the current Covid-19 situation and has extended deadline for submission of DCR 2021 to 30 September 2021.

Please click on the following for further details : Newsletter 6/2001

BNM - AML/CFT Newsletters 05/2021
a) AML/CFT Data & Compliance Report (DCR) 2021 Reminder
RIs are reminded of the submission of DCR 2021 to BNM through an online portal accessible via a web browser. Refer to the link provided in this Newsletter.

b) FATF Guidance on Proliferation Financing Risk Assessment and Mitigation
The Financial Action Task Force has recently revised its Standards (R.1 and INR.1) to require countries, financial institutions, DNFBPs, and virtual asset service providers to identify, assess, understand and mitigate their proliferation financing risks. Refer to link provided in this Newsletter.

Please click on the following for further details : Newsletter 5/2001

BNM - NEWSLETTER #3/2021
Please be informed that Bank Negara Malaysia (BNM) has issued AML/CFT Newsletter 3/2021 relating to the issuance of AML/CFT Data & Compliance Report (DCR) 2021 to DNFBP and NBFI reporting institutions (RIs).

RIs are required to submit DCR through an online portal accessible via a web browser (best viewed using Chrome or Microsoft Edge and not supported by Internet Explorer) from any device. The questions have been refined to better reflect the requirements. The DCR 2021 submission through an online portal is accessible beginning 16 June till 31 August 2021.

Please find below the links to access the DCR materials:
i) DCR Circular
ii) DCR Information Kit
iii) The DCR can be accessed at https://dnfbpportal.bnm.gov.my/
iv) BNM Newsletter #3/2021

DATA & COMPLIANCE REPORT (DCR) 2021 CLINIC
Please be informed that Bank Negara Malaysia (BNM) will be holding DCR clinics for all sectors to support and guide RIs' DCR submission which will be held beginning 28 June 2021. All RIs are strongly encouraged to attend the clinics to walk through the details of the DCR. To sign up, please click HERE.

For any other enquiries on DCR 2021 which could not be found within the DCR 2021 Information Kit, please contact BNM at dcr@bnm.gov.my.

Enhancements to AML/CFT Compliance Officer Appointment Notification Method and Targeted Financial Sanctions Reporting Forms
In facilitating reporting institutions (RIs) to better comply with the requirement on AML/CFT Compliance Officer (CO) appointment, the notification of CO appointment or change in appointed CO can now be made by filling an online form (link provided in the newsletter below). In addition, for the purpose of targeted financial sanctions (TFS) reporting, RIs can submit the reporting forms to a new e-mail address as reflected in the revised forms as outlined in the newsletter below.

Launch of BNM's AML/CFT E-Platform
BNM has announce the launch of the AML/CFT E-Platform. This private E-Platform will host the repository of awareness video materials, including all the AML/CFT Webinar series for the DNFBP and NBFI sectors that were held between April and December 2020. The platform will also host all other future AML/CFT webinar series or other awareness videos which may be produced from time to time.

Please click here for the Newsletter.

REGULATORY EXPECTATION ON CDD
Taking into cognisance the challenges in implementing normal operations due to Covid-19, BNM issued a circular on 22 December 2020 to all Reporting Institutions (RIs), under AMLA, on the extension of the timeline from 1 January 2021 to 30 June 2021 to conduct the standard Customer Due Diligence (CDD) requirements on existing customers that are Government-Linked Companies, State-Owned Companies and Registered Persons. The initial timeline was set out under paragraph 5.3 of the revised AML/CFT and TFS policy document for DNFBPs and NBFIs.

Statement on High-risk and Other Monitored Jurisdictions by FATF

BNM circulated a notice to inform the RIs of the recent statements issued by the Financial Action Task Force (FATF) on 23 October 2020 and 18 December 2020 regarding the High-Risk Jurisdictions subject to a Call for Action and Jurisdictions under Increased Monitoring and measures to be undertaken by RIs for business relationships with clients originating from countries named therein.

Please click here for the Newsletter.

REGULATORY EXPECTATION ON CDD
Taking into cognisance the challenges in implementing normal operations due to Covid-19, BNM issued a circular on 22 December 2020 to all Reporting Institutions (RIs), under AMLA, on the extension of the timeline from 1 January 2021 to 30 June 2021 to conduct the standard Customer Due Diligence (CDD) requirements on existing customers that are Government-Linked Companies, State-Owned Companies and Registered Persons. The initial timeline was set out under paragraph 5.3 of the revised AML/CFT and TFS policy document for DNFBPs and NBFIs.

STATEMENT ON HIGH-RISK AND OTHER MONITORED JURISDICTIONS BY FATF
BNM circulated a notice to inform the RIs of the recent statements issued by the Financial Action Task Force (FATF) on 23 October 2020 and 18 December 2020 regarding the High-Risk Jurisdictions subject to a Call for Action and Jurisdictions under Increased Monitoring and measures to be undertaken by RIs for business relationships with clients originating from countries named therein.

Please click here for the Newsletter.

Webinar Series 6: National AML/CFT Compliance Programme for DNFBPs and NBFIs
Please be informed that Bank Negara Malaysia (BNM) announced that the Webinar Series 6 forDesignated Non-Financial Business and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) Reporting Institutions will take place from 15th to 18th December 2020. The Webinar Series 6 aims to provide a comprehensive understanding of the Targeted Financial Sanctions (TFS) obligations, identification of sanctioned individuals & entities and the subsequent reporting requirements, as well as the related frequently asked questions. Please note that only appointed AML/CFT Compliance Officers and their named employees will be accepted for registration. If your firm has yet to appoint an AML/CFT Compliance Officer, please do so and notify BNM before registering for the Webinar Series 6.

Please click on the following for further details:

1) Webinar Series 6 Flyer; 
2) Compliance Officer Nomination Form

Appointment of AML/CFT Compliance Officer
Please be informed that Bank Negara Malaysia (BNM) has issued a circular informing and reminding Reporting Institutions on the requirement to notify BNM's FinancialIntelligence and Enforcement Department, within 10 working days, on the appointment or change in the AML/CFT Compliance Officer (CO).

The person appointed as a Compliance Officer must satisfy 3 main criteria, as indicated in the circular as follows: -

Please click here on the Compliance Officer Circular.

Please click here for further details.

Pleased be informed that Bank Negara Malaysia (BNM) will be organising a Webinar Series 4on the application of Risk-based Approach (English Session), details of which are as follows:
Date : Tuesday, 10 November 2020
Time : 10.00am-11.30am
Please note that only appointed AML/CFT Compliance Officers and their named employees will be accepted for registration.

Please click here for further details.

Please be informed that Bank Negara Malaysia (BNM) issued the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions (AML/CFT and TFS) Policy Document which came into force on 1 January 2020. BNM has since, on 1 September 2020, issued the latest FAQs and Guidance providing further clarifications on the requirements of this AML/CFT and TFS Policy Document.

Please click on the following for further details:
i) Guidance on Verification of Individual Customers
ii) Guidance on Beneficial Ownership
iii) FAQs on AML/CFT and TFS for Designated Non-Financial Businesses and Professions & Non-Bank Financial Institutions

Newsletter #11.
Please be informed that Bank Negara Malaysia (BNM) has released its announcement Newsletter #11 as follows:

Webinar Series 3: National AML/CFT Compliance Programme
The upcoming Webinar Series 3 will focus on Customer Due Diligence requirements including verification of individual customers, identification and verification of the beneficial owners. Reporting institutions (RIs) may refer to the Webinar Series 3 Flyer for more information on the complete schedule and registration to the webinar.

Data and Compliance Report 2020 Clinic & Extension of Submission Deadline 
Online session of DCR Clinic will guide Reporting Institutions (RIs) through each and every question in the DCR and share some useful tips to assist RIs in completing the DCR. Further details on the DCR Clinic are as follow:
Date : Thursday, 27 August 2020
Time : 3.00pm to 4.30pm

In addition, RIs are also reminded that the submission deadline of the DCR has been extended to 4 September 2020.

Please click here for the newsletter.

BNM - DCR Submission Deadline Extended to 4 September 2020.
Please be inform that Bank Negara Malaysia (BNM) has granted an extension of time up to 4 September 2020 for the submission of the DCR.

Please click here for more details.

DCR 2020 Clinic for DNFBPs & NBFIs.
PPlease be informed that Bank Negara Malaysia (BNM) will conduct a series of DCR Clinic for all RIs of DNFPB to ease RIs in completing and submitting the DCR. The DCR Clinic will take the participants through step-by-step guidance on how to complete the DCR, as well as to address any queries being raised. The DCR Clinic although mainly held in English, is also conducted in Malay and Mandarin.

Please click here for more details.

Process in Completing the DCR.
Please be informed that Bank Negara Malaysia (BNM) has issued a Data and Compliance Report 2020 (DCR) to reporting institutions (RIs) to facilitate RIs to self-assess their risks and vulnerabilities to money laundering and terrorism financing as well as helping them to understand and mitigate the risk of their business.

For ease of understanding on how to respond to the DCR, BNM has produced two videos aimed to guide the reporting institutions' step-by-step process in completing the DCR. The videos can be accessed through the following links:
i.  What is DCR?
ii. How to complete DCR?

BNM has also prepared the DCR in Bahasa Malaysia. Respondents who wish to complete the DCR in Bahasa Malaysia may download the form at: http://amlcft.bnm.gov.my/Docs/DCR_2020_BM.xlsx.

As part of the initiatives to elevate the reporting institutions' awareness and compliance to AML/CFT requirements, BNM has embarking on sharing of essential requirements under the AML/CFT and TFS for DNFBPs and NBFIs Policy Document through issuance of their newsletter.

Please click here for more details.

Issuance of National Risk Assessment (NRA) Perception Survey & Data and Compliance Report 2020.
Please be informed that Bank Negara Malaysia (BNM) is conducting an Issuance of National Risk Assessment (NRA) Perception Survey & Data and Compliance Report 2020.

As part of data collection exercise, a Perception Survey is conducted to enhance understanding on key stakeholders’ perception of Malaysia’s exposure to prevailing crimes (domestic and foreign) and vulnerabilities of various sectors to ML and TF risks. For your information the perception survey is a separate exercise from the recently issued Data and Compliance Report (DCR) 2020 which aimed to allow individual reporting institution's self- assessment on its level of ML/TF risk exposures as well as compliance with the AML/CFT requirements.

Kindly complete this survey before 19 June 2020 at this link as follows: -
i. Crime Risk; and
ii. Sector Risk

Issuance of Data and Compliance Report 2020 (DCR)
Please be informed that Bank Negara Malaysia (BNM) has issued a Data and Compliance Report (DCR) which contain features that allows reporting institutions to self-assess their risks and vulnerabilities to money laundering and terrorism financing as well as helping them to understand and mitigate the risk of their business from being exploited by criminals.

Members who are classified as reporting institutions are required to submit the DCR to BNM by 21 August 2020. Any queries can be directed to compliancesurvey@bnm.gov.my.

Please click the following for further details:
I) DCR 2020
II) DCR Infographic
III) ML/CFT and TFS for DNFBPs and NBFIs Policy Document.

Bank Negara Malaysia’s AML/CFT Initiatives During the Covid-19 Pandemic.

In the light of the current climate affected by the Covid-19 pandemic, BNM is fully cognisant of the potential disruptions to the normal business operations of your members, particularly small and medium sized businesses.

Therefore, in order to ease compliance burden of our reporting institutions (RIs), BNM strives to apply a more pragmatic approach in undertaking our AML/CFT supervisory activities, which are adjusted based on emerging risks and thorough considerations of  relevant circumstances and developments of currentsituations.

During this period, greater focus will be placed to intensify awareness among the RIs as well as conducting off-site monitoring to effectively manage and monitor ML/TF risks. Scheduled examinations will be postponed to later of the year to allow firms to focus efforts and resources to resume business activities smoothly and get back to some normalcy after the MCO.

As such these are some of the supervisory activities planned or undertaken:

1) Launch of National AML/CFT Compliance Programme Live Webinar Series.
Following the launch of its first Webinar Series 1 on 27 April, Bank Negara Malaysia (BNM) is now scheduling more sessions of these series for specific sectors. The Webinar Series 1 is focused upon the changes in the revised Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) and Targeted Financial Sanctions (TFS) for DNFBPs and NBFIs Policy Document. This will be the main medium of awareness session that BNM will undertake during the MCO period.

2) Issuance of regular newsletter to update on supervisory activities and topical AML/CFT issues.
BNM has issued a circular informing RIs on the regulatory expectations in implementing the AML/CFT measures, focusing on risk-based approach during the Covid-19 Pandemic.

Click here for the circular regarding regulatory expectation on AML/CFT measures during the Covid-19 and FAQs on AML/CFT matters relevant to DNBPs and NBFIs.

Click here for the infographic of the FAQs.

3) Dissemination of Data and Compliance Report (DCR)
This will serve as an off-site surveillance tool to monitor ML/TF risk exposures of the RIs and sectors.BNM will be issuing a simplified version of DCR which can also serve as a self-assessment to the RIs/ members in assessing their ML/TF risk exposure and level of compliance with the AML/CFT requirements. RIs will be given sufficient time to revert on this report, while their focus in getting back into operation.

4) Reschedule of on-site and off-premise examination.
The affected RIs have been engaged individually to communicate on the expectations.

In addition, BNM will continue to engage with the reporting institutions to provide guidance and support on issues faced in meeting the AML/CFT regulatory obligations throughout this challenging period.

BNM welcomes any feedback or suggestions. You may reach out to BNM via email at fied@bnm.gov.my or through its officers below:
1) Cik Amarjit Kaur Paridam Singh (amarjit@bnm.gov.my)
2) En. Norazmali (azmali@bnm.gov.my)
3) Puan Mun Chooi Wan (chooiwan@bnm.gov.my)
4) Pn. Sarah Syamimi (sasya@bnm.gov.my)