Professionals such as lawyers, accountants and company secretaries, as well as various other entities, including trust companies, dealers in precious metals or precious stones, moneylenders, casinos and real estate agents, have been subject to AMLA reporting requirements for several years. RIs are required to adhere to these rules not only to counter money laundering but also terrorism financing and proliferation financing, which is the financing of weapons of mass destruction. How then should businesses implement a risk-based approach in dealing with anti-money laundering compliance? This tool can be similarly used in the context of AMLA compliance. Commonly identified risks as set out in Bank Negara’s policy documents are client risk, geographical risk and transaction risks.

Source: The Edge Markets September 25, 2022 04:43 UTC