Anti-Money laundering, Anti-Terrorism Financing & Proceeds of Unlawful Activities Act (Hingga 25.9.2023)

Akta Pencegahan Pengubahan Wang Haram, Pencegahan Pembiayaan Keganasan

Detailed Contents Of Anti-Money laundering, Anti-Terrorism Financing & Proceeds of Unlawful Activities Act (Hingga 25.9.2023) :

The Anti-Money Laundering, Anti-Terrorism Financing & Proceeds of Unlawful Activities Act (AMLA) is a Malaysian law that aims to combat money laundering, terrorism financing, and other unlawful activities. The Act was first introduced in 2001 and has been amended several times since then, with the most recent update being as of 25.9.2023.

1. Scope of the Act: The AMLA applies to all individuals and entities, including financial institutions, who engage in activities that involve money laundering, terrorism financing, and other unlawful activities.

2. Reporting obligations: Under the AMLA, individuals and entities are required to report any suspicious transactions to the relevant authorities, such as the Financial Intelligence and Enforcement Department (FIED) of Bank Negara Malaysia, within a specified timeframe. Failure to report suspicious transactions is a criminal offense.

3. Customer due diligence: Financial institutions are required to conduct customer due diligence (CDD) measures to identify and verify the identity of their customers. The CDD measures include obtaining customer identification documents, verifying the source of funds, and conducting ongoing monitoring of customer transactions.

4. Record keeping: Financial institutions are required to keep records of their customers' transactions for a specified period of time. These records must be available for inspection by the relevant authorities upon request.

5. Freeze and seizure of assets: The AMLA empowers the relevant authorities to freeze and seize assets suspected to be related to money laundering, terrorism financing, or other unlawful activities. The authorities may also apply for a court order to forfeit the assets if they are found to be the proceeds of unlawful activities.

6. Penalties: Individuals and entities who are found to have committed offenses under the AMLA may face imprisonment, fines, or both. Financial institutions may also face regulatory action, including fines, suspension or revocation of licenses, or other sanctions.

In conclusion, the Anti-Money Laundering, Anti-Terrorism Financing & Proceeds of Unlawful Activities Act (AMLA) is a crucial piece of legislation that plays an important role in combating money laundering, terrorism financing, and other unlawful activities in Malaysia. It imposes significant obligations on individuals and entities involved in financial transactions and carries severe penalties for non-compliance.