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July 19, 2024SC Issued Revised AML/CFT/CPF Guidelines
On 13 June 2024, the Securities Commission Malaysia (SC) issued the revised Guidelines on the Prevention of Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing, and Targeted Financial Sanctions for Reporting Institutions in the Capital Market (“AML/CFT/CPF Guidelines”), which is the third revision of the guidelines since it was first introduced on 15 January 2014.*
Key updates align with Financial Action Task Force (FATF) standards, emphasising enhanced roles for boards and senior management, integration of National Risk Assessment findings, mandatory customer income data, a risk-based approach to proliferation financing, disclosure requirements for legal arrangements, and specific obligations for digital asset transactions.
The revised AML/CFT/CPF Guidelines became effective on 13 June 2024 and apply to reporting institutions, i.e., persons carrying on regulated activities or registered under the Capital Markets and Services Act 2007, as specified under the First Schedule of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
SC’s website provides a summary of the key amendments to the revised AML/CFT/CPF Guidelines for reference.**
Reference Links:
*https://lnkd.in/ggnNBaFc
**https://lnkd.in/gM2vQefs