Evolution of AMLA in the Next Normal – Key Enhancements to the AMLA Framework

Laws & Regulations

09
Nov 2022

10:00 am - 4:15 pm

SIDC LAMS

Speakers : Nadia Azmi (Moderator) | Nazri Shaidon | Raymon Ram | Robin Lee

Registration closing date is 3 business days before the programme date or when all seats are fully taken.
10 CPE

MYR 650 *Fee is not inclusive of 8% SST

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HRDC-TrainingProvider

HRD Corp Registered Course/Programme No.: 10001245571

Evolution of AMLA in the Next Normal – Key Enhancements to the AMLA Framework

It has been acknowledged that the pandemic has accelerated change in all spheres of life particularly in terms of digitalisation adoption, to the benefit of not only the private and public sectors, but criminal factions as well who are always on the lookout for weaknesses in regulations and operations.

There is no doubt that ML/TF activities seriously affect the integrity of the financial system and pose serious risks to a country’s social and economic stability. Left unchecked, ML activities will allow criminals to continue to benefit from their proceeds of crime and thus, allow crimes to thrive.

Therefore, recognising that effective detection, prevention and enforcement against ML activities are important aspects of overall efforts to combat crimes regulators are constantly looking for ways to monitor and prevent these unlawful activities as the criminals are actively changing their tactics to stay ahead of the game. The activities cover a broad spectrum and threatened the safety and soundness of the financial systems. Therefore, it is incumbent upon organisations and businesses to stay updated and well prepared in detecting the latest financial crimes and market misconduct activities to safeguard their businesses and assets.

In the light of the above, the regulatory authorities have released updated regulatory requirements and recommendations on ML/FT. This programme aims to provide the latest updates on the enhanced regulations to prevent the increasingly sophisticated and advanced money laundering and terrorism financing techniques employed by perpetrators, the red flags to look out for. It will also discuss how financial institutions can prepare themselves to combat the growing threats with new risk management strategies, processes and reporting systems integrated with the application of the latest technologies.

Programme Objective

This programme will provide insights into the latest development on AMLA particularly going into endemic. This programme will also deliberate on important aspects of enhancement and expansion of AMLA regulations that organisations need to be aware of and eventually the impact and risks it has towards businesses. This programme will provide participants with insights on evolution of AMLA, both within and outside of Malaysia.

 

Mode

Live Webinar

 

Target Audience

Individual 

Compliance Officers, Risk Management Officers, Audit Officers, Sales and Trading Officers, Settlement Officers, C-Suites, Lawyers, Accountants, Company Secretaries, Corporate Consultants, Capital Markets Services Representative’s License Holders, Financial Controllers, Head of Compliance, Head of Legal, Head of IT and employees of Registered Market Operators

Institutions 

Public Listed Companies (PLCs), Legal Firms, Consultancy Firms, Accounting Firms, Fund Management Companies, Stockbroking Firms, Company Secretarial Firms, Investment and Commercial Banks and Registered market Operators

 

Learning Outcomes

Upon completion of this  programme, the participants will be able to:

  • Describe current landscape of money laundering going into endemic
  • Identify common areas of financial crime and market misconduct and red flags
  • Analyse the enhanced and updated regulatory requirements for AMLA
  • Discuss the role of the board of directors and other employees in combating ML activities
  • Discuss applicable methods in establishing the measures to curb financial crimes and strengthen the defence within an organisation consistent with the laws and regulations

Competencies

  1. Functional (Regulatory)  – Anti-Money Laundering (Proficiency Level 3)
  2. Core – Risk Management (Proficiency Level 3)
  3. Functional (Technical Skills)  – Digital Technology Application (Proficiency Level 2)
10.00 am Key Enhancements to AMLA

  • Key Enhancements to AMLA
  • Reclassification of Sectors
  • Tightened CDD for GLCs, SOCs & RP
  • Expanded Verification Methods
  • Enhanced CDD for Higher Risk Services
  • Targeted Financial Sanctions (TFS) on Terrorism Financing (TF), Proliferation Financing (PF) & Other UN Sanctions Regimes (OSR)

Speaker: Muhamad Nazri bin Shaidon, AML /CFT Trainer and Practitioner

11.00 am Screen Break
11.15 am Expansion of AMLA Obligations for DNFBPs* and RMOs

  • Differentiated approach to small-sized reporting institutions
  • Appointment of Compliance Officer and Fit and Proper  Criteria
  • Data and compliance reporting

The Role of Board of Directors in Combating Illicit Activities

  • Role and importance of AML/CFT and compliance culture
  • Board’s duty and oversight in dealing with AML/CFT situations
  • Fostering the strong culture of compliance in AML
  • New obligations for board of directors, senior management and compliance officers
  • Challenges and recommended best practices

Speaker: Muhamad Nazri bin Shaidon, AML /CFT Trainer and Practitioner

12.15 pm Lunch Break
2.00 pm Enhancements to the SC Guidelines on AMLA

  • AMLA 2001 and SC’s Powers,  Mandatory powers and Enforcement Actions
  • New Obligations for BOD,  Senior Management and Compliance Officers
  • Enhancements to Risk Profiling Enhancements to Customer Due Diligence (CDD) Requirements
  • New requirements on Wire Transfer of Digital Assets

Speaker: Raymon Ram, Secretary-General, Transparency International Malaysia (TI-M)

3.00 pm Break
3.15 pm Case Review and What to Look Out For Next

  • Consequence of failure to submit Suspicious Transaction Reporting (STR)
  • Handling of illegal financial scheme
  • On-going high-profile cases – Issue of retrospective
  • Financial fraud with the use of technology
  • Transaction monitoring and best practices

Speaker: Robin Lee, Head of APAC, Napier AI

4.15 pm End of Programme

About the Speaker

Nadia Azmi

Moderator

Nazri Shaidon

AML /CFT Trainer and Practitioner

Raymon Ram

Secretary-General, Transparency International Malaysia (TI-M)

Robin Lee

Head of APAC, Napier AI

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*The SIDC reserves the right to amend the programme as deemed appropriate without prior notice

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