Compliance
Anti-Money Laundering Wolfsberg Questionnaire
The Anti-Money Laundering Wolfsberg Questionnaire provides an overview of BMMB’s AML Policy, Practices and Procedures for the purpose of correspondent banking services that requires more detailed information about the BMMB’s AML Compliance Programme.
Anti-Money Laundering Wolfsberg Questionnaire
Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions Policy (AML/CFT and TFS Policy)
The Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions Policy (AML/CFT and TFS Policy) provides general information on processes, practices, and controls to ensure compliance to the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) and regulatory requirements, including by Bank Negara Malaysia (BNM) as stated in BNM Policy Document on Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions (AML/CFT and TFS for FIs). BMMB has taken the reasonable and appropriate measure to prevent any individual or entity engaged in money laundering and terrorism financing from exploiting BMMB’s products and services. This executive summary of the AML/CFT and TFS Policy set outs the overview and main component of the AML/CFT and TFS Policy which to be adhered by BMMB.
Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions Policy (AML/CFT and TFS Policy)
Foreign Exchange Notices (FE Notices)
Notice 1 – Minimum Due Diligence (MDD) Guide for Foreign Exchange (FE) Rules
Notice 2 – Minimum Due Diligence (MDD) Guide for Foreign Exchange (FE) Rules
Notice 3 – Minimum Due Diligence (MDD) Guide for Foreign Exchange (FE) Rules
Notice 4 – Minimum Due Diligence (MDD) Guide for Foreign Exchange (FE) Rules
Notice 7 – Minimum Due Diligence (MDD) Guide for Foreign Exchange (FE) Rules
Summary of Foreign Exchange Notices
The Foreign Exchange Notices are a set of rules that are administered by Bank Negara Malaysia (“BNM”) under the Financial Services Act 2013 and Islamic Financial Services Act 2013 to safeguard the value of the currency of Malaysia. This Foreign Exchange Notices was issued on 15 April 2021 with some flexibility to the public to ensuring this notices continues to support the competitiveness of the Malaysian economy by facilitating a more conducive environment for domestic and cross-border real economic activities.
Summary of Foreign Exchange Notices
Foreign Exchange Notices FAQ
The Foreign Exchange Notices are a set of rules that are administered by Bank Negara Malaysia (“BNM”) under the Financial Services Act 2013 and Islamic Financial Services Act 2013 to safeguard the value of the currency of Malaysia. This Foreign Exchange Notices was issued on 15 April 2021 with some flexibility to the public to ensuring this notices continues to support the competitiveness of the Malaysian economy by facilitating a more conducive environment for domestic and cross-border real economic activities.
Foreign Exchange Notices FAQ
Foreign Exchange Notices
Liberalisation of Foreign Exchange Policy (FEP) effective 15 April 2021
With reference to Bank Negara Malaysia’s (BNM) announcement on 31 March 2021 regarding the further liberalisation of the foreign exchange policy (FEP), please note the following:
- Mandatory conversion of export proceeds by resident exporters of 75% Malaysian Ringgit and 25% Foreign Currency is no longer applicable.
- All declarations in relation to either Resident Exporter customers or Resident SME Net Importer customers provided to or by the bank is no longer applicable.
- Payments from one Resident to another Resident within the global supply chain will require a fresh declaration.
For more information, please refer to the BNM Announcement or FAQ.