Anti-Money Laundering Regulations in Malaysia

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What is the primary purpose of the Cash Transaction Report (CTR)?

To monitor financial institutions' compliance with AMLATFA

To investigate and prosecute money laundering cases

To expose money laundering at its most vulnerable point (correct)

To identify and report suspicious transactions

What is the threshold amount for cash transactions that must be reported in a business day?

RM25,000-00 (correct)

RM10,000-00

RM50,000-00

RM100,000-00

What type of report is required when a financial institution suspects that a transaction involves proceeds of unlawful activity?

Suspicious Transaction Report (STR) (correct)

Terrorism Financing Report (TFR)

Money Laundering Report (MLR)

Cash Transaction Report (CTR)

What is the primary goal of the Suspicious Transaction Report (STR)?

To identify and report suspicious transactions Signup and view all the answers

What type of transactions are also subject to reporting requirements under AMLATFA?

Multiple transactions on the same business day Signup and view all the answers

What is the primary role of the payment system operated by the relevant authority?

To oversee financial institutions and ensure confidence Signup and view all the answers

What is the primary goal of layering in money laundering?

To disguise the source of illicit proceeds and provide anonymity Signup and view all the answers

What is the purpose of the 'Know Your Customer' policy?

To prevent the use of the financial system for money laundering purposes Signup and view all the answers

What is the primary responsibility of financial institutions in relation to money laundering?

To report suspicious transactions to the appropriate authorities Signup and view all the answers

Which of the following is NOT a principle of the 'Know Your Customer' policy?

Facilitating money laundering Signup and view all the answers

What is the purpose of record keeping and system testing in the context of anti-money laundering?

To test for compliance and maintain proper record keeping Signup and view all the answers

What is a suspicious transaction typically detected by?

The sheer size of the transaction in relation to the customer's financial circumstances Signup and view all the answers

Who do banks submit their Suspicious Transaction Reports (STRs) to?

The Financial Intelligence Unit (FIU) in Bank Negara Malaysia Signup and view all the answers

What protection do bank employees have when reporting suspicions of money laundering?

Protection from civil, criminal, or disciplinary proceedings unless disclosed in bad faith Signup and view all the answers

What is the purpose of the Monetary Policy Committee in Bank Negara Malaysia?

To set the Overnight Policy Rate (OPR) Signup and view all the answers

What is the Overnight Policy Rate (OPR) as of 3 November 2020?

1.75% p.a. Signup and view all the answers

What does SWIFT (Society for Worldwide Interbank Financial Telecommunications) not do?

Hold funds or manage accounts on behalf of customers Signup and view all the answers