Bank Negara Malaysia revises policy documents on anti-money laundering, countering financing of terrorism, countering proliferation financing, and targeted financial sanctions

27 March 2024

On 5 February 2024, Bank Negara Malaysia revised the following policy documents:

• Policy document on Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs); and

• Policy document on Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Financial Institutions.

These policy documents were previously issued on 31 December 2019. The revisions incorporate recent updates to the Financial Action Task Force’s Standards and clarify requirements imposed on reporting institutions. Reporting institutions are required to implement a risk-based approach in managing money laundering, terrorism financing, and proliferation financing risks and comply with targeted financial sanctions requirements.