VIRTUAL POCKET SERIES FOR SMALL FIRMS
The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLA”) is the primary statute governing the anti-money laundering and counter financing of terrorism (“AML/CFT”) regime in Malaysia. AML/CFT is a self- compliance programme — it is a legal obligation under the AMLA 2001 for each reporting institution (“RI”) to comply. AMLA imposes reporting obligations on RIs as a counter- measure to prevent or mitigate money-laundering/terrorism financing (“ML/TF”). The relevant section on reporting obligations can be found under Part IV of AMLA. Section 19 of AMLA requires a reporting institution to have compliance programmes policies, procedures, and controls to guard against, and detect any offence under AMLA.
The AMLA Virtual Pocket Series aims to, among others, improve the ability and capcity of law firms, especially small firms, to understand AMLA compliance requirements and devise an appropriate AML/CFT compliance programme within the firm and strengthen the compliance culture of reporting institutions, particularly the legal sector.