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, Countering Proliferation Financing and Targeted Financial Sanctions Statement on Anti-Financial Crime
The Bank’s Statement on Anti Financial Crime outlines the Bank’s risk appetite and tolerance in managing Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing, and Targeted Financial Sanctions (AML/CFT/CPF and TFS) risks. The Statement sets clear expectations when dealing with prohibited or high-risk activities, including dealings with sanctioned parties, and guides employees in fulfilling their AML/CFT/CPF and TFS responsibilities. Aligned with the Bank’s risk management framework, the Statement is reviewed regularly to ensure it remains current with regulatory and risk developments.
Statement on Anti Financial Crime
FAQ on Foreign Exchange Policy Notices
The Foreign Exchange Policy 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 Policy 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.
FAQ on Foreign Exchange Policy Notices
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 Policy Notices
The Foreign Exchange Policy 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 Policy 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 Policy Notices
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.
