Bank Negara Malaysia (BNM) will be collaborating with the Companies Commission of Malaysia (SSM) to strengthen collaboration in the regulation and supervision of anti-money laundering, countering financing of terrorism (AML/CFT) and targeted financial sanctions (TFS).
Both entities signed a Terms of Collaboration which set out the respective regulatory and supervisory responsibilities of BNM and SSM in the regulation and supervision of company secretaries and trust companies.
It will also provide for a more structured approach to assess money laundering and terrorism financing (ML/TF) risks in these two sectors, as well as to promote institutional capacity building in these areas.
Tan Sri Nor Shamsiah Mohd Yunus
BNM’s Governor Tan Sri Nor Shamsiah Yunus said,
“The signing today is the result of the close partnership between BNM and SSM over the years. BNM is pleased to have SSM working closely with us to secure and maintain the integrity of the financial system.
We are confident that SSM will be able to take on greater responsibility to conduct AML/CFT supervision on company secretaries and trust companies in the near future.”
Datuk Nor Azimah Abdul Aziz
Datuk Nor Azimah Abdul Aziz, CEO of SSM said,
“It is important for company secretaries and trust companies to know and understand their roles and risk exposures related to ML/TF.
This will form the basis for them to understand and develop countermeasures against these criminal activities. Today’s signing is a significant stride towards that goal.”
