PETALING JAYA, Dec 16 (Bernama) — KPMG in Malaysia is urging institutions to ensure they are well equipped to meet all requirements stipulated in Bank Negara Malaysia’s revised Anti Money Laundering / Counter Financing of Terrorism (AML/ CFT) guidelines. Announced as an exposure draft earlier in September, the revised guideline is targeted to take effect on 1 January 2020.
Institutions will have a grace period of six months to comply with the new regulations. In accordance with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, individuals or institutions who are deemed non-compliant are liable to either: a fine not exceeding one million ringgit, imprisonment for a term not exceeding three years, or both.[1]
