INTEGRATED ANTI-MONEY LAUNDERING INITIATIVES IN THE MALAYSIAN BANKING INDUSTRY TOWARDS FATF FULL-COMPLIANT STATUS

IF 0.5 Q3 AREA STUDIES Journal of Nusantara Studies (JONUS) Pub Date : 2023-01-31 DOI:10.24200/jonus.vol8iss1pp117-139

Yusarina Mat Isa, M. N. Hoque, Zuraidah Mohd Sanusi, M. Haniff

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Abstract

Background and Purpose: This study aims to demonstrate the integrated anti-money laundering (AML) initiatives in the Malaysian banking industry, with particular focus towards achieving the Financial Action Task Force (FATF) full-compliant status. Methodology: This study adopts a qualitative approach, which includes reviews and analysis of secondary data in relevant literature and documents relating to money laundering risk in the Malaysian banking industry. Findings: The integrated AML initiatives combine domestic and international efforts, which are anchored by the Malaysian Central Bank and FATF, respectively. Malaysia has been proactively abiding by the FATF requirements, and affirmative progression can be seen from the improved FATF-compliant status throughout the years. Conclusion and Contributions: This study adds new knowledge to the existing literature by integrating domestic and international AML efforts. Achieving a FATF full-compliant status is not impossible for Malaysia with the current integrated AML initiatives in place, and this forms a strong pillar that could protect the Malaysian banking industry from money laundering risk. Keywords: Money laundering, AML, risk, banking industry, Malaysia. Cite as: Mat Isa, Y., Hoque, M. N., Mohd Sanusi, Z., & Haniff, M. N. (2023). Integrated anti-money laundering initiatives in the Malaysian banking industry towards FATF full-compliant status. Journal of Nusantara Studies, 8(1), 117-139. http://dx.doi.org/10.24200/jonus.vol8iss1pp117-139

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马来西亚银行业针对fatf完全合规地位的综合反洗钱举措

背景和目的:本研究旨在展示马来西亚银行业的综合反洗钱(AML)举措，特别侧重于实现金融行动特别工作组(FATF)的完全合规状态。方法:本研究采用定性方法，包括回顾和分析马来西亚银行业洗钱风险的相关文献和文件中的二手数据。调查结果:综合“反洗钱”倡议结合了国内和国际努力，分别由马来西亚央行和FATF主导。马来西亚一直积极遵守FATF的要求，从这些年来FATF合规状况的改善可以看到积极的进展。结论和贡献:本研究通过整合国内外AML研究成果，为现有文献增加了新的知识。对于马来西亚来说，实现FATF的完全合规状态并非不可能，因为目前的综合反洗钱举措已经到位，这形成了一个强大的支柱，可以保护马来西亚银行业免受洗钱风险。关键词:洗钱，反洗钱，风险，银行业，马来西亚引用自:Mat Isa, Y.， Hoque, M. N.， Mohd Sanusi, Z.， & Haniff, M. N.(2023)。马来西亚银行业的综合反洗钱举措，使其完全符合FATF的要求。自然科学学报，8(1)，117-139。http://dx.doi.org/10.24200/jonus.vol8iss1pp117-139

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Journal of Nusantara Studies (JONUS) AREA STUDIES-

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