Understanding Trade-Based Money Laundering (TBML): Techniques, Case Study, Red Flags and Best Practices for Risk Mitigation
Trade-Based Money Laundering (TBML) is one of the most prevalent money laundering methods encountered by professional firms in the Designated Non-Financial Businesses and Professions (DNFBP) sectors. This method primarily involves exploiting the vast volume of global trade and the complexities associated with foreign exchange and cross-border transactions. Given the significant threats posed to compliance, it […]
AML/CFT Regulations in Malaysia: Unpacking the Differences Between SSM and BNM Regulations
Both the Companies Commission of Malaysia (SSM) and Bank Negara Malaysia (BNM) play pivotal roles in Malaysia’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) efforts. While they share the common goal of combating financial crimes, their regulatory frameworks differ significantly. This article outlines the key distinctions between the two, focusing on regulatory scope, risk-based […]
Navigating the New AML Compliance Requirements for Designated Non-Financial Businesses and Professions (DNFBPs) in Malaysia
Staying abreast of financial regulations is crucial for Designated Non-Financial Businesses and Professions (DNFBPs). On February 5th, 2024, Bank Negara Malaysia updated the policy document on Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions (AML/CFT/CPF/TFS) for DNFBPs effective February 6th, 2024. These updates align with FATF standards, expand coverage for […]
Mitigating Proliferation Financing Risks for DNFBP in Malaysia
In the ever-evolving landscape of Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), Countering Proliferation Financing (CPF) and Targeted Financial Sanctions (TFS), staying updated on the latest compliance regulations and remaining vigilant to risks is crucial for Reporting Institutions in Malaysia. With the increasing concerns over the proliferation of nuclear, biological, and chemical weapons, the Ministry […]
Combating Concealed Beneficial Ownership & AML/CFT Risks in Corporate Service Providers (CSPs) in Singapore
Corporate Service Providers (CSPs) play a crucial role in facilitating the establishment, administration, and management of companies. However, due to their involvement in financial transactions and corporate structures, CSPs are vulnerable to exploitation by money launderers and terrorist financiers. The Money Laundering (ML) National Risk Assessment (NRA), published in Singapore on 20 June 2024, also […]
Combating Concealed Beneficial Ownership & AML/CTF Risks in Trust and Company Service Providers (TCSPs) Industry in Hong Kong
Trust or Company Service Providers (TCSPs) play a crucial role in facilitating the establishment, administration, and management of trusts and companies. However, due to their involvement in financial transactions and corporate structures, TCSPs are vulnerable to exploitation by money launderers and terrorist financiers. As a result, TCSPs in Hong Kong are obligated to comply with […]
Latest Updates on Hong Kong Anti-Money Laundering Regulations
Updated on 2023/07/20 The Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 was passed by the Legislative Council of Hong Kong in December 2022. The new legislation, including the establishment of a registration regime for Dealers in Precious Metals and Stones (“DPMS”) and a licensing regime for Virtual Asset Services Providers (“VASP”), as well as […]
How to prepare for Bank Negara Malaysia (BNM) AML/CFT Compliance Review – A checklist for busy professionals
On 31 Dec 2019, the Malaysia’s Bank Negara (BNM) has issued a new guideline on Anti-Money Laundering, Countering Financing of Terrorist (AML/CFT) and Targeted Financial Sanctions for Designated Non-Financials Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) ( i.e. the AML/CFT and TFS for DNFBPs and NBFIs ), to be effective on 1 Jan […]
Veteran lawyer suspended for breaching Law Profession Act AML/CFT Rules – How to conduct customer due diligence?
A veteran lawyer of 18 years’ standing was suspended in late-Sep 2017, from practice for two years and fined $100,000 for professional misconduct in a case relating to anti-money laundering (AML). In what had started out “innocuously” as an incident of breaching professional conduct rules, the case was eventually escalated into that of aiding money […]
How to find beneficial owners? Guide to meet ACRA AML requirements
Beneficial owners have in the recent past come under the lime light due to release of the Panama Papers by the International Consortium of Investigative Journalists (ICIJ). The Panama Papers are approximately 11.5 million of leaked documents from a Panama based Corporate Services Provider (CSP) Mossack Fonseca, detailing how some of the wealthy and powerful […]