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Strengthening Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Regulations in Malaysia

Kuala Lumpur, July 19, 2024

Malaysia’s financial institutions are set to implement more stringent Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulations to combat money laundering and terrorism financing.

Proposed Amendments to Strengthen AML/CFT Programs

Financial regulators in Malaysia have issued a joint statement outlining proposed amendments to strengthen and modernize financial institutions’ AML/CFT programs. The proposed regulations aim to build a more effective and risk-based AML/CFT regulatory and supervisory regime.

Key Components of the Proposed Regulations

• Robust AML/CFT Programs: Financial institutions will be required to implement robust AML/CFT programs, including:
  • Enhanced customer due diligence
  • Transaction monitoring
  • Reporting requirements

Commitment to Implementing the Anti-Money Laundering Act

“We are committed to implementing the Anti-Money Laundering Act in a multi-step, multi-year approach,” said a spokesperson for the Malaysian financial regulators. “Our goal is to create an AML/CFT regime that is more effective, innovative, and risk-based.”

Smooth Transition to New Regulations

The country’s financial regulators are working closely with industry stakeholders to ensure a smooth transition to the new regulations.

“The proposed regulations will help to strengthen our financial system and protect it from illicit activity,” said another spokesperson for the Malaysian financial regulators. “We are committed to working with industry stakeholders to ensure that these regulations are implemented effectively.”