Circular No 064/2021
Dated 15 Feb 2021

To Members of the Malaysian Bar

General Results of the Data Compliance Report 2020

We refer to Circular No 170/2020 dated 29 May 2020 entitled “Issuance of Data Compliance Report 2020 by Bank Negara Malaysia” and Circular No 222/2020 dated 10 July 2020 entitled “Issuance of Data Compliance Report 2020 by Bank Negara Malaysia”.

The Bar Council was informed by Bank Negara Malaysia (“BNM”) that the Data Compliance Report (“DCR”) 2021 might be made mandatory beginning 2021.

The general results of the DCR 2020 on the legal sector is available here (see page 2) for Members’ reference.  

The results show that law firms generally are in low compliance to key Anti-Money Laundering and Countering Financing of Terrorism and Targeted Financial Sanctions requirements.

In the meantime, Bar Council is working with BNM to come up with a more simplified form of the DCR.

Click here to download the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions and Non-Bank Financial Institutions (“AML/CFT and TFS for DNFBPs and NBFIs”) Policy Document. 

Should you have any enquiries, please contact:

(1) Malathi Mohan (03-2050 2150; malathi@malaysianbar.org.my); or
(2) Raz Ida Nadira Razali (03-2050 2090; raz@malaysianbar.org.my); or
(3) Md Faizal b Mahat (03-2050 2088; mdfaizal@malaysianbar.org.my).

Thank you.

AG Kalidas
Secretary
Malaysian Bar

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