11th August 2020

Robust AML Oversight

Malaysian Fintech: Is Your Board Able to Demonstrate Robust AML Oversight?

Earlier this year, Bank Negara Malaysia issued its revised policy document on anti-money laundering/counter financing of terrorism (AML/CFT) and targeted financial sanctions. The new guidelines aim to encourage institutions to take greater ownership of their AML/CFT controls.

One of the areas in the guidelines that has piqued our interest is the heightened board accountability on oversight, which places more responsibility on the board to ensure that the reporting institution has an effective AML/CFT framework. For example, the guidelines place the onus on the board to “ensure regular independent audits of the internal AML/CFT measures to determine their effectiveness and compliance” and “set and ensure the effective implementation of appropriate policies and procedures to address any specific ML/TF risks associated with the implementation of non-FTF business relationships.”

We anticipate increased global regulatory focus in this space, especially following failings identified in Westpac and, most recently, Deutsche Bank

In this post, we want to provide insight into how to give your board the tools it needs to make effective decisions and how to demonstrate robust oversight whatever your organization and wherever you are based. 

Your Board Compliance Champion

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