Malaysia legislation
Section 11
Section 11
Amendment of section 13
(a)
by substituting for subsection (1) the following subsection:
“(1) A reporting institution, or the director, officer or employee of the reporting institution shall keep a record of all domestic and international transactions or activities.”;
Anti-Money Laundering, Anti-Terrorism
Financing and Proceeds of Unlawful
Activities (Amendment)
(b)
in subsection (3)—
(i)
by inserting after the word “transaction” wherever appearing the words “or activity”;
(ii)
by inserting after paragraph (b) the following paragraph:
“(ba) the identity and address of the person purporting to act on behalf of a customer in the opening of an account or for the carrying out of the transaction or activity, where applicable;”; and
(iii)
by deleting the words “in writing”;
(c)
by inserting after subsection (3) the following subsections:
“(3a) For the purposes of subsections (2) and (3), the competent authority may issue any directions, instruction, guideline, circular, standard, notice, specification or requirement to, or impose any condition on, the reporting institution, or the director, officer or employee of the reporting institution as the competent authority considers necessary.
(3b)
The reporting institution, or the director, officer or employee of the reporting institution shall comply with the directions, instruction, guideline, circular, standard, notice, specification or requirement issued, or the condition imposed under subsection (3a).”;
(d)
by deleting subsection (4); and
(e)
by inserting after subsection (4) as deleted the following subsection:
“(5) Any reporting institution which, or the director, officer or employee of the reporting institution who, contravenes subsection (1) or (3b) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit.”.
Amendment of section 14