The government will enhance cooperation and hold engagement sessions with financial institutions to improve the implementation and compliance of the politically exposed persons (PEP) policy, said Deputy Minister Lim Hui Ying.
Contents
Government to Enhance PEP Policy Compliance
Improvements will include automation and best practice guidelines. The policy, based on international standards by the Financial Action Task Force (FATF), requires enhanced customer due diligence (ECDD) for high-risk clients. Non-compliance could result in an unsatisfactory FATF rating, impacting Malaysia’s financial sector.
Follow us on:
Read More News at #latestmalaysia #BusinessNews and #WorldFuture
