Regulatory framework and TFS policy context<\/p>\n
The penalties were imposed under section 234(3)(b)(i) of the Financial Services Act 2013 and section 245(3)(b)(i) of the Islamic Financial Services Act 2013. The TFS and screening obligations referenced in this case are derived from BNM\u2019s policy documents on anti-money laundering, countering the financing of terrorism, and targeted financial sanctions for financial institutions.\u00a0For the relevant period, the requirements were set out in the Anti-Money Laundering, Countering Financing of Terrorism, and Targeted Financial Sanctions for Financial Institutions Policy Document, which took effect on Jan. 1, 2020, and remained in force until Feb. 5, 2024. This has been replaced by the Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing, and Targeted Financial Sanctions for Financial Institutions Policy Document, which has applied since Feb. 6, 2024. Key provisions on sanctions list maintenance, customer screening, match determination, freezing of funds, and reporting obligations are preserved in the current framework.\u00a0The Domestic List contains names and particulars of specified entities declared by the Minister of Home Affairs under the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001. The UNSCR List consists of individuals and entities designated by the United Nations Security Council or its sanctions committees and is treated as part of the domestic sanctions regime.<\/p>\n","protected":false},"excerpt":{"rendered":"Regulatory framework and TFS policy context The penalties were imposed under section 234(3)(b)(i) of the Financial Services Act…\n","protected":false},"author":2,"featured_media":60555,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[128],"tags":[32034,23541,219,57],"class_list":{"0":"post-60554","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-zurich-insurance","8":"tag-bank-negara-malaysia","9":"tag-bnm","10":"tag-zurich-insurance","11":"tag-zurich-malaysia"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116523573245785501","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/60554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=60554"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/60554\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/60555"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=60554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=60554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=60554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}