Bank Negara Malaysia (BNM) now requires financial institutions to issue written notices to account holders whose bank accounts are closed under AMLA investigations. These notices must state the reason for closure and outline appeal rights, without revealing sensitive details that could compromise enforcement.
BNM and Police Launching Protocol
Deputy Finance Minister Lim Hui Ying said the move balances anti-money laundering efforts with fair treatment of consumers. BNM is developing a standard protocol with banks and police, effective July 1, 2024, to guide handling of suspected mule accounts. Lim also assured Parliament that all AMLA cases, including those involving foreign entities, will be managed transparently and lawfully.
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