Stepping up AML Compliance: Identifying Beneficial Owners (Malaysia)

Content

Gain a sound understanding of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) 2001.  

AMLA 2001 requires all reporting institutions to create ongoing employee training programmes to detect potential money laundering offences. Reporting institutions under AMLA 2001 play an important role by obtaining information on beneficial ownership which helps prevent the misuse of corporate vehicles in the financial system. 

Identifying beneficial owners benefit stakeholders, including: 

• Enabling reporting institutions to make appropriate assessments on the level of money laundering and terrorism financing 

• Risks associated with their customers, leading to necessary decision-making on control measures required to contain these risks 

• Ensuring and upholding the integrity of all sectors within the financial landscape 
• Facilitating early detection of criminals hiding behind natural persons, legal persons and legal arrangements, facilitating law enforcements’ efforts, and preventing money laundering and terrorism financing activities from prospering 

Duration

1 hour (1 non-verifiable CPD Unit)

Speaker

En Muhamad Nazri

Muhamad is currently pursuing his PhD (Doctor of Philosophy) in Law (specializing in Money Laundering). He is an AML / CFT Trainer, was a member of the Examination Committee (EC) for Certified Anti-Money Laundering & Counter Financing of Terrorism Compliance Officer (CAMCO) program which jointly organized by Asian Banking School (ABS) and Asian Institute of Chartered Bankers (AICB).   

He was a Financial Investigator (AML/CFT) with Central Bank of Malaysia for about 10 years and has experience in financial investigation relating to money laundering and Financial Crime activities. 

He is also accredited as a "Certified Financial Investigator" from National Coordination Committee to counter Money Laundering (NCC) and Bank Negara Malaysia.