Counter-money laundering training - Malaysia

In 2001, Bank Negara Malaysia announced a comprehensive approach to training and awareness for bankers in anticipation of the forthcoming Anti Money Laundering Act 2001. Comprising three elements, including a lecture tour taking in all the states of Malaysia, some more than once, I was commissioned to present the lecture series consisting of two days introduction to the law and its operation. I had such a great time, I moved to Malaysia the following year and I'm still here.

IBBM to Launch Anti-Money Laundering Training

Ref No : 24 May 2001 Embargo : Not for publication or broadcast before 000 hours on Thursday 24 May 2001

Banking and financial services institutions have been complying with the guidelines issued by Bank Negara Malaysia to combat money laundering. Mechanisms have also been set up to counter money laundering activities. At the same time, Institut Bank-Bank Malaysia has conducted training programmes to educate and train banking and financial services staff in this area.

In view of the enactment of the Anti-Money Laundering Bill 2001, Institut Bank-Bank Malaysia, in collaboration with Bank Negara Malaysia, will launch a series of education and training programmes to re-emphasise the importance of identifying and checking activities relating to money laundering. The existing strategies and action plans implemented will also be subjected to review and be revised, if found necessary, during such education and training sessions to further enhance measures taken to identify and curb money laundering. Participants of training programmes will revisit the existing guidelines and will be briefed on the provisions of the new Act.

This series of anti-money laundering education and training programme will begin with a Conference on Money Laundering in mid-June. The conference are for chief internal auditors, senior internal auditors, external auditors, money laundering compliance officers and the legal advisers or officers of banking and financial services institutions. The conference will examine the various aspects of money laundering at the macro level, and study the strategies to be developed for implementation at micro-level.

The second level of training will be in the form of a series of Regional Information Sessions focusing on measures to identify and counter money laundering as well as the protection provided under the Anti Money Laundering Bill to be enacted. Participants will be officers drawn from the regional offices and branches of financial institutions.

This will be followed by Focused Intensive Workshop-type Courses for bank and financial services executives who are at the operations level in branches. Participants will be taken through training sessions which will help the grass-root officers identify and prevent money laundering activities from increasing. These sessions will adopt a hands-on, applied knowledge training methodology.

With all these education and training programmes, bankers and financial services providers can expect to become more aware of their roles and responsibilities in countering money laundering and the protection accorded to them. More importantly, their abilities and skills in identifying and preventing money laundering will be further sharpened.

Institut Bank-Bank Malaysia
24 May 2001

Bank Negara Malaysia
24 May 2001

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