MNRB and all its subsidiaries (“the Group”) is committed to the highest standards of Anti-Money Laundering and Counter Financing of Terrorism (“AML/CFT”) Compliance. It is the policy of the Group to prohibit and actively prevent any activity that facilitates money laundering and financing of terrorism (“ML/FT”).
The Group adopts and implements a continuous risk-based approach to identify, assess and address its ML/FT risks as promulgated by the following legislation:
a. Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLATFPUAA 2001”);
b. BNM Guidelines on AML/CFT – Insurance and Takaful Sector 2;
c. Financial Action Task Force International Standards on Combating ML/FT and Proliferation (“FATF Recommendations”); and
d. Any other regulatory requirements related to AML/CFT issued from time to time.
The Policy represents the main principles in preventing ML/FT as follows:
a. Comply with AML/CFT laws and local / foreign regulations;
b. Perform the Duty of Vigilance (Know Your Customer) requirements;
c. Have in place AML/CFT policies, procedures, regular communication supplemented with latest updates on AML/CFT and training programs to raise staff awareness at all levels within the Group; and
d. Co-operate with law enforcement authorities and other investigative and supervisory authorities.
The Group is fully committed and strongly support regulators’ effort in combating ML/FT. It is everyone’s responsibility to report or be alert of any unusual transaction / activity which may relate to ML/FT.