NEWS

 

TITLE: BNM's AML/CFT Initiatives During The Covid-19 Pandemic

DATE: 14/05/2020

14 May 2020 Circular No. MF21/2020
TO ALL MEMBER FIRMS
BANK NEGARA MALAYSIA’S AML/CFT INITIATIVES DURING THE COVID-19 PANDEMIC
In the light of the current climate affected by the COVID-19 pandemic, Bank Negara Malaysia (BNM) is fully cognisant of the potential disruptions to the normal business operations, particularly small and medium sized businesses.
Therefore, in order to ease compliance burden of the reporting institutions (RIs), BNM strives to apply a more pragmatic approach in undertaking the AML/CFT supervisory activities, which are adjusted based on emerging risks and thorough considerations of relevant circumstances and developments of current situations.
During this period, greater focus will be placed to intensify awareness among the RIs as well as conducting off-site monitoring to effectively manage and monitor ML/TF risks. Scheduled examinations will be postponed to later of the year to allow firms to focus efforts and resources to resume business activities smoothly and get back to some normalcy after the Movement Control Order (MCO) period.
As such these are some of the supervisory activities planned or undertaken:
1) Launch of National AML/CFT Compliance Programme Live Webinar Series.
BNM will conduct more webinar sessions to reach out to RIs and the Malaysian Bar members. This will be the main medium of awareness session that BNM will undertake during the MCO period.
2) Issuance of regular newsletter to update on supervisory activities and topical AML/CFT issues.
BNM has issued a circular informing RIs on the regulatory expectations in implementing the AML/CFT measures, focusing on risk-based approach during the COVID-19 pandemic.
Click here for the circular regarding regulatory expectation on AML/CFT measures during the Covid-19 and FAQs on AML/CFT matters relevant to DNFBPs and NBFIs. Alternatively, you may copy and paste this link into your browser: https://mykijang.bnm.gov.my/MyDevice/s/571/7fd348a2-bef4-4835-b6b2-7a6d57a4ff89
  Click here for the infographic of the FAQs. Alternatively, you may copy and paste this link into your browser: https://mykijang.bnm.gov.my/MyDevice/s/571/c5784657-b912-4255-aa9b-3115ae7baedd  
3) Dissemination of Data and Compliance Report (DCR).
This will serve as an off-site surveillance tool to monitor ML/TF risk exposures of the RIs and sectors. BNM will be issuing a simplified version of DCR which can also serve as a self-assessment to the RIs/ members in assessing their ML/TF risk exposure and level of compliance with the AML/CFT requirements. RIs will be given sufficient time to revert on this report, while their focus in getting back into operation.
4) Reschedule of on-site and off-premise examination.
The affected RIs have been engaged individually to communicate on the expectations.
In addition, BNM will continue to engage with the reporting institutions to provide guidance and support on issues faced in meeting the AML/CFT regulatory obligations throughout this challenging period.
BNM welcomes any feedback or suggestions. You may reach out to BNM via email at fied@bnm.gov.my or through its officers below:
1) Cik Amarjit Kaur Paridam Singh (amarjit@bnm.gov.my)
2) En. Norazmali (azmali@bnm.gov.my)
3) Puan Mun Chooi Wan (chooiwan@bnm.gov.my)
4) Pn. Sarah Syamimi (sasya@bnm.gov.my)
Please be guided accordingly.
 
 
DR. NURMAZILAH DATO MAHZAN
Chief Executive Officer