Bank Negara issues revised Policy Documents on AML/ CFT/ CPF and TFS for FIs and DNFBPs and NBFIs

Bank Negara Malaysia issued the following documents on 5 February 2024: 
The FIs Policy Document and the DNFBPs and NBFIs Policy Document are revisions of the corresponding policy documents issued on 31 December 2019.
The FIs Policy Document and the DNFBPs and NBFIs Policy Document come into effect on 6 February 2024 except for the Counter Proliferation Financing (CPF) provisions in the DNFBPs and NBFIs Policy Document which shall come into effect on a date to be specified by the competent authority.
Alert by Kok Chee Kheong (Partner) of the Corporate Practice of Skrine.

1 The FIs Policy Document applies to licensed banks, licensed investment banks, licensed Islamic banks, licensed insurers, licensed takaful operators, prescribed development financial institutions, licensed money services businesses, approved issuers of designated payment instruments, approved issuers of designated Islamic payment instruments, Lembaga Tabung Haji, approved financial advisers, approved Islamic financial advisers, approved insurance brokers and approved takaful brokers.
2 The DNFBPs and NBFIs Policy Document applies to the reporting institutions and types of businesses set out in paragraphs 3.3 and 3.4 of the policy document.

This alert contains general information only. It does not constitute legal advice nor an expression of legal opinion and should not be relied upon as such. For further information, kindly contact