Course Information
Date :
Time : 9:00am - 5:00pm
Duration : Full Day
Accredetation :
SIDC CPE points :
Programme Overview
The one day training session is part of series of anti-money laundering, counter terrorism financing and targeted financial sanctions training which is imposed under Section 19(2)(b) of the Malaysian Anti-Money Laundering, Anti-Terrorism Financing & Proceeds of Unlawful Activities Act 2001 (AMLA 2001) on Investment Banks.
The training session cum refresher covers the offences of money laundering, terrorism financing and targeted financial sanctions under AMLA 2001 including reporting obligations, reported cases and measures taken by Bank Negara Malaysia and Securities Commission in prevention of money laundering, terrorism financing and targeted financial sanctions in Malaysia.
The training session is design for Investment Banks in order for them to gain further insight into emerging trends of money laundering and terrorism financing to establish an effective global compliance.
To encourage interaction and assist the participants to connect to the subject matter, the training session uses practical examples with an ultimate objective of strengthening “Compliance” in protecting the capital market industry.
Programme Objective
Upon completion of the above programme, participants will be able to:
- Realize method & practical issues relating to the law, risk & opportunities for money laundering, financing of terrorist and targeted financial sanction.
- Analyse challenges faced by the Reporting Institution in balancing business and compliance.
- Examine the need for “integrity” towards improving Financial and Personal Data protection in the financial industry.
Programme Outline
OVERVIEW OF AML/CFT & TFS REGULATIONS
- Latest status of AML/CFT & TFS regulations in Malaysia and the need for Reporting Institutions to comply with the requirements & standards in BNM AML/CFT & TFS policy.
- Summary of Issues during Financial Crime Conference 2019
- Key changes in BNM New AML/CFT & TFS Policy from 1st June 2020.
ANTI-MONEY LAUNDERING, ANTI-TERRORISM FINANCING & PROCEEDS OF UNLAWFUL ACTIVITIES ACT 2001 [AMLA 2001]
- Brief outline of AMLA 2001 and importance of 1st and 2nd Schedule.
- Reporting institution’s key obligation under AMLA 2001 – Are you complying?
- Power of competent authority /enforcement agencies to compound offences.
MONEY LAUNDERING RISK & CHALLENGES
- Possible changes in AML/CFT & TFS risk, approach, and trend.
- Emerging crimes during MCO and Covid-19 pandemic.
TERRORISM FINANCING & TARGETED FINANCIAL SANCTIONS RISK & CHALLENGES
- Terrorism financing risk-has it been mitigated.
- Proliferation financing as part of targeted financial sanction (TFS).
IMPLICATION OF NON-COMPLIANCE
- Latest review of reported cases of non-compliance/settlement.
- Possible bigger fine/revocation of license by regulator.
SC/ BNM POLICY ON ANTI-MONEY LAUNDERING, COUNTERING FINANCING OF TERRORISM AND TARGETED FINANCIAL SANCTIONS FOR FINANCIAL INSTITUTIONS (AML/CFT AND TFS FOR FIs)
- Risk Based Approach via risk assessment, risk profiling and risk mitigation during KYC process/ On-Boarding Process on new/existing customer.
- Simplified CDD as part of on-boarding process for low risk customer.
- Cessation of PEP’s status for holders of prominent public function [ applicable under BNM policy].
- Reporting institute ability to delay/reject/ exit if usable to satisfactory complete CDD.
- Guidance on beneficial ownership identification & verification.
- Importance of customer verification and monitoring (Inc. On-going due diligence & On-going monitoring).
PERSONAL DATA PROTECTION ACT 2010 (“PDPA 2010”)
The challenges in managing personal data in commercial transactions & importance of implementing the 7 Principles of Data Protection under PDPA 2010 :-
- The General Principle
- The Notice and Choice Principle
- The Disclosure Principle
- The Security Principle
- The Retention Principle
- The Data Integrity Principle
- The Access Principle
PDPA CODE OF PRACTICE FOR BANKING & FINANCIAL SECTOR
Application of the 7 Principles of Data Protection under PDPA 2010 in the banking sector.
- Possible penalties imposed for non-compliance and the impact on the Bank