BNM and COMTRAC3 Collaborate to Enhance AML/CFT Trainings for Company Secretaries
Kuala Lumpur, 23rd March 2023 - The Bank Negara Malaysia (BNM) has taken another significant step in its efforts to combat money laundering and terrorist financing by partnering with the Companies Commission of Malaysia Training Academy (COMTRAC3) to provide AML/CFT trainings for company secretaries.
Importance of AML/CFT Trainings
The training programme is designed to enhance the knowledge and skills of company secretaries in identifying and reporting suspicious transactions, which is a crucial step in preventing the misuse of financial systems. BNM’s efforts to bolster its legal, regulatory, and supervisory regime will also be highlighted during the training sessions.
Technological Solutions Key to Effective AML/CFT
The sheer volume of information related to AML/CFT requires more advanced technological solutions to detect and analyze suspicious transactions effectively. Big data analytics and machine learning are being leveraged by BNM’s financial intelligence analysts to improve risk-based supervision and analysis, resulting in a significant increase in high-impact investigations.
Joint Supervisions with BNM
As part of the training programme, company secretaries will also undergo joint AML/CFT supervisions with BNM. This will enable them to gain hands-on experience in identifying and reporting suspicious transactions, as well as enhance their understanding of the legal and regulatory framework governing AML/CFT.
Evolving AML/CFT Regime
The AML/CFT regime must continually evolve to keep pace with emerging risks. BNM is undertaking policy reviews to assess and mitigate:
- Proliferation financing risk
- Targeted financial sanctions
- Application of AML/CFT requirements at the group level for designated non-financial businesses and professions
FATF Mutual Evaluation Review
Malaysia will undergo a mutual evaluation review by the Financial Action Task Force (FATF) in 2024. BNM is committed to showcasing Malaysia’s commitment to fighting financial crimes and implementing effective AML/CFT measures, which will have significant implications for the country’s reputation and economic growth.
Conclusion
In conclusion, the partnership between BNM and COMTRAC3 underscores the importance of collaboration in combating money laundering and terrorist financing. As we move forward, it is essential that all stakeholders adopt a whole-of-nation approach to tackling this complex issue. The success of our AML/CFT efforts depends on our collective commitment to preventing financial crimes and ensuring a safer Malaysia for all.