UFA holds workshop with ASEAN in Malaysia
The UFA, in conjunction with the UFA/ASEAN Coordinating Group, conducted a regulatory/supervisory workshop in Kuala Lumpur, Malaysia from 22 to 24 April 2013. The workshop centred on two main themes: enhancing the understanding of the new FATF Standards and assessment process and strengthening AML/CFT regulation and supervision across financial institutions and designated non-financial businesses and professions (DNFBPs). The discussions topics included
• An overview of AML/CFT development and the revised FATF Standards, with a particular focus on the implications for supervisors and reporting entities.
• Measures for effective implementation of AML/CFT preventive measures by financial institutions and DNFBs.
• A practical approach to enhancing the effective regulation, supervision and monitoring of financial institutions and DNFBPs, including the use of supervision risk-ranking applications.
• National experiences in, and difference approaches for, carrying out risk assessments; as well as an introduction to the ‘FATF Guidance on National ML and TF Risk Assessment’
• Awareness raising and relationship building with reporting institutions and the expectations reporting entities have of the supervisors.
• Challenges faced in regulation and supervision of the complex sector – including Money Services Businesses; New Payment Systems; and Financial Conglomerates.
The event brought together more than 55 delegates from 11 UFA/ASEAN member jurisdictions, as well as representatives of the World Bank, the IMF, the Asia Development Bank (ADB) the Malaysian Compliance Officers Networking Group, the Malaysian Investment Banking Association and the Malaysian Bar Council. The workshop was hosted by Bank Negara Malaysia as part of its training programme series on “Reducing Financial Crime through an Effective AML/CFT Regime”. Sponsorship assistance was also provided by the ADB.
