Regulatory Alerts2024-09-03
Guidelines on Prevention of Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Reporting Institutions in the Capital Market
The Securities Commission Malaysia issued revised guidelines effective June 13, 2024, imposing comprehensive anti-money laundering, counter-terrorist financing, and counter-proliferation financing obligations on capital market reporting institutions. The document mandates the implementation of risk-based compliance programmes, enhanced customer due diligence measures, and strict sanctions screening, with specific provisions addressing wire transfers of digital assets and virtual asset service providers. It further requires rigorous record retention, suspicious transaction reporting, and adherence to targeted financial sanctions, ensuring that reporting institutions apply the most stringent standards where overlapping regulations exist.
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