KUALA LUMPUR, Oct 23 — Bank Negara Malaysia (BNM) will conduct the next iteration of the National Risk Assessment in 2027, enabling a deeper assessment of the money laundering and terrorism financing risks facing the Designated Non-Financial Businesses and Professions (DNFBP) sectors.
Deputy Governor Datuk Marzunisham Omar said the findings will support the development of more targeted policies, guidance, and mitigation measures tailored to the specific risks faced by each sector.
“Your practical insights will be essential. They will help ensure that our policy responses remain effective, proportionate and grounded in the realities faced by each sector,” he said in his welcoming remarks at DNFBP Compliance Conference 2026, held yesterday.
According to BNM, DNFBP refers to a group that consists of a parent company incorporated in Malaysia or any other type of legal person exercising control and coordinating functions over the rest of the group, together with branches and/or subsidiaries that are subject to anti-money laundering (AML), countering the financing of terrorism (CFT) and countering proliferation financing (CPF) policies and procedures at the group level.
Meanwhile, Marzunisham said the AML, CFT and CPF framework depends not only on strong laws and sound policies, but also on credible supervision and enforcement.
He said the central bank takes non-compliance seriously, as weaknesses in any part of the system could undermine the integrity of Malaysia’s entire AML/CFT framework.
Recent joint enforcement actions involving regulatory and law enforcement agencies reinforce this point.
BNM and the Companies Commission of Malaysia (CCM) recently took enforcement action against a company secretary for failing to submit suspicious transaction reports relating to foreign nationals suspected to be involved in an international scam syndicate.
A Labuan investment bank was subjected to enforcement action by BNM and the Labuan Financial Services Authority (LFSA) following material deficiencies in customer due diligence. This affected the firm’s ability to assess customers’ potential involvement in illicit overseas activities, as well as delays in submitting suspicious transaction reports.
“These cases may involve different sectors and circumstances, but they convey the same message: Weak due diligence, vigilance and reporting create space for criminals to operate.
“Professional services must never become the gate through which illicit funds acquire the appearance of legitimacy, whether knowingly or unknowingly,” Marzunisham added. — Bernama