Malaysia legislation
Section 12
Section 12
Section 14 of the principal Act is amended—
(a)
in subsection (1)—
(i)
in paragraph (b), by inserting after the word
“transaction” wherever appearing the words
“or activity”;
(ii)
in paragraph (c)—
(A)
by inserting after the word “transaction”
wherever appearing the words “, activity”;
and
(B)
by substituting for the full stop at the end of the paragraph a semicolon; and
(iii)
by inserting after paragraph (c) the following paragraphs:
“(d) any transaction, activity or property where any officer or employee of the reporting institution has reason to suspect that the transaction, activity or property involved is related or linked to, is used or intended to be used for or by, any restricted activity, proliferator or person who finances restricted activity;
(e)
any suspicious transaction or activity as may be specified by the competent authority.”;
(b)
by deleting subsection (2); and
(c)
by inserting after subsection (2) as deleted the following subsections:
“(3) For the purposes of this section, the competent authority may issue any directions, instruction, guideline, circular, standard, notice, specification or requirement to, or impose any condition on, the reporting institution,
Anti-Money Laundering, Anti-Terrorism
Financing and Proceeds of Unlawful
Activities (Amendment)
11
or the director, officer or employee of the reporting institution on reporting mechanism and the manner to detect patterns of behaviour involving suspicious transaction or activity.
(4)
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 (3).
(5)
Any reporting institution which contravenes subsection (1) or any reporting institution which, or the director, officer or employee of the reporting institution who, contravenes subsection (4) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit.”.
Amendment of section 14a