Bank Negara Malaysia, the country's central bank, has issued a revised policy document on Anti-Money Laundering, which came into effect 1 January.

This policy document sets out obligations of reporting institutions with respect to the requirements imposed under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), implementation of a comprehensive risk-based approach in managing money laundering and terrorism financing risks and requirements on targeted financial sanctions.

After a 12 month grace period, those who fail to comply will be liable to either...