Anti-Money Laundering / Counter Financing of Terrorism Policy

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Maybank Group is at the forefront of the Government and Bank Negara Malaysia’s continuous initiatives and efforts in the prevention of the use of the banking system for illicit, laundering and terrorism financing activities.

The Group demonstrates its full commitment and support to high standards of compliance with the Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) requirements by establishing robust and comprehensive policy, procedures, processes and systems for the prevention and detection of money laundering and terrorist financing activities.

The enterprise-wide AML/CFT programme is subject to periodic reviews to ensure that it remains robust and complies with the requirements of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA 2001), the Financial Action Task Force (FATF) Recommendations as well as International best practices.

Key measures undertaken in Maybank Group include having in place the following:

• Policy and procedures which outline the roles and responsibilities as well as establish clear accountability of all employees within the Group;
• Customer Due Diligence measures which emphasise the importance of ascertaining customer’s identity and establishing the ultimate economic beneficiary via documentary and/or non documentary mechanisms;
• Sophisticated filtering and effective detection system to scrutinise customers’ transactions for reporting of suspicious activities to the Financial Intelligence Unit, Bank Negara Malaysia on timely basis;
• Provision of full and timely disclosure of suspicious transactions/circumstances to the relevant authorities as provided under all applicable laws/respective jurisdictions;
• Record keeping of all identification/transaction details obtained for the purpose of customer identification as well as of all documents in accordance with statutory requirements; and
• Regular communication, supplemented with latest updates on AML/CFT and training programs through various channels were undertaken to raise staff awareness at all levels within the Group.

The extensive infrastructure and resources invested reaffirms the Group’s full commitment and strong support to international efforts in combating money laundering, the financing of terrorism and other criminal activities.

Entities within the Group, regardless of geographic locations, are strongly committed in ensuring compliance with the Group-wide AML/CFT Policy as well as applicable AML/CFT legislations within the jurisdiction they operate in adopting the most rigorous standards.

The Group fully co-operates with the enforcement agencies and competent authority in the investigation of money laundering and/or financial crime.