Financial Crime World

NAMLC Briefs Real Estate Agents on AML/CFT Initiatives

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The National Anti-Money Laundering and Combating of Terrorism Financing Committee (NAMLC) recently held a briefing session with real estate agents in Brunei Darussalam to emphasize the importance of combating money laundering and terrorism financing in the industry.

Enhancing Awareness and Understanding

The briefing was part of NAMLC’s efforts to enhance awareness and understanding among stakeholders on the risks and consequences of non-compliance with anti-money laundering and combating of terrorism financing (AML/CFT) regulations. The committee emphasized the need for real estate agents to be vigilant and proactive in detecting suspicious transactions and reporting them to the authorities.

Initiatives and Updates

NAMLC provided an update on its initiatives, including the development of a risk-based action plan based on the findings of Brunei Darussalam’s first National Risk Assessment on Money Laundering and Terrorism Financing (NRA) conducted in 2016. The committee highlighted the importance of collaboration between law enforcement agencies, intelligence agencies, financial institutions, and other stakeholders to effectively combat money laundering and terrorism financing.

Workshop for Remittance Companies and Money Changers


In February 2015, NAMLC organized workshops for remittance companies and money changers, aiming to enhance their awareness and understanding of AML/CFT regulations and requirements. The workshops covered topics such as:

  • Customer due diligence
  • Transaction monitoring
  • Reporting suspicious transactions

The workshops were attended by representatives from various remittance companies and money changers operating in Brunei Darussalam. NAMLC provided guidance and support to the participants, emphasizing the importance of compliance with AML/CFT regulations and the consequences of non-compliance.

Briefing for New Money Changer Operators


In December 2016, NAMLC conducted a briefing session for new money changer operators, providing them with an overview of the AML/CFT requirements and regulations applicable to their business. The briefing aimed to ensure that new operators are aware of their obligations and responsibilities under the AML/CFT regime.

Annual Report 2016


NAMLC released its annual report for 2016, highlighting its achievements and initiatives during the year. The report noted that NAMLC conducted a number of activities, including:

  • Development of a risk-based action plan based on the findings of the NRA
  • Organization of workshops for remittance companies and money changers

The report also emphasized the importance of collaboration between stakeholders in combating money laundering and terrorism financing, and highlighted NAMLC’s efforts to engage with various stakeholders to enhance awareness and understanding of AML/CFT regulations and requirements.