Circular No 230/2020
Dated 21 July 2020

To Members of the Malaysian Bar

Customer Due Diligence (“CDD”) Requirements

Bank Negara Malaysia (“BNM”) has issued a guide on Customer Due Diligence (“CDD”) requirements, which provides information on specific identification data points for different types of customers and the methods to verify identification information obtained during CDD.

Please click here to view BNM’s newsletter.

Paragraph 14 of the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions (“DNFBPs”) and Non-Bank Financial Institutions (“NBFIs”) Policy Document requires Reporting Institutions (“RI”) to conduct CDD on customers and persons conducting the transaction, when:

(a)    establishing business relations;
(b)    carrying out any or occasional transaction involving the circumstances or amount as specified under paragraphs 14A to 14H;
(c)    they have any suspicion of money laundering (“ML”) / terrorism financing (“TF”), regardless of amount; or
(d)    they have any doubt about the veracity or adequacy of previously obtained information.

Click here to view the Policy Document.

Should you have any enquiries, please contact BNM by telephone at 1-300-88-5465 or by email at fied@bnm.gov.my.

Thank you.

A G Kalidas
Secretary
Malaysian Bar