Anti-money laundering and counter financing of terrorism regulation of banking institution in Malaysia

Mohd. Yasin , Norhashimah (2012) Anti-money laundering and counter financing of terrorism regulation of banking institution in Malaysia. Australian Journal of Basic and Applied Sciences, 6 (11). pp. 294-300. ISSN 1991-8178

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Abstract

The Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) is the sole legislation dealing with this matter in Malaysia. Part 4 of this Act is the basic regulation for ‘reporting institutions’, including all types of bank. As Part 4 is only general, the Malaysian Central Bank as the ‘Competent Authority’ has issued detailed Guidelines. All ‘reporting institutions, banks included, must follow the Standard Guidelines (UPW/GP1). There are ten Sectoral Guidelines UPW/GP1[1] is for banks. Failure to follow the Act and the associated Guidelines could result in severe legal consequences.

Item Type:	Article (Journal)
Additional Information:	580/26914
Uncontrolled Keywords:	Banks, money laundering, legislation, regulation, guidelines.
Subjects:	H Social Sciences > HG Finance > HG1501 Banking K Law > K Law (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws
Depositing User:	Nur' Aini Abu Bakar
Date Deposited:	05 Feb 2013 16:45
Last Modified:	13 Feb 2013 11:28
URI:	http://irep.iium.edu.my/id/eprint/26914

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