Report To Authorities On Suspicious Transactions -- Malaysia's Deputy Home Minister

KUALA LUMPUR, Oct 5 (Bernama) -- Banking compliance practitioners in Malaysia should report to the authorities on suspicious money transactions that may be involved in or linked to terrorism activities, says Deputy Home Minister Datuk Nur Jazlan Mohamed. He said the practitioners should cooperate by reporting suspicious cases direct to the government regulators and the authorities so that immediate action could be taken to prevent terrorism acts. Nur Jazlan, however, said the problem was that sometimes the transactions did not involve big sums. "Terrorists may not need a big sum of money as an incentive for them to undertake the (terrorism) act. Amounts like RM2,000 (US$482.97) to RM5,000 (US$1,207.42) may be troublesome to detect, as in a day, millions of banking transactions involve such small denominations. "We, however, welcome the action from Bank Negara Malaysia, Asian Institute of Finance (AIF) and the Securities Commission Malaysia to conduct this related conference," he said on the sidelines of the Eighth International Conference on Financial Crime and Terrorism Financing 2016 (IFCTF 2016) which started here Wednesday. The two-day IFCTF, jointly hosted by the AIF and the Compliance Officers' Networking Group, aims to help governance, risk and compliance professionals by exploring the emerging compliance risks facing the industry locally and beyond. The conference, themed 'Emerging Compliance Risks: Addressing Rising Trends in Financial Crimes and Terrorism Financing', aims to explore the emerging compliance risks facing the industry, tackle rising trends in financial crimes and terrorism financing. Earlier, in his keynote address, Nur Jazlan urged the delegates, especially the local compliance practitioners, to give their best to the country. "As the member of the Home Ministry management team, I think the best advice to give to all of you is to do your job at the highest level of integrity, highest level of awareness and highest level of love for the nation. "These are the important ingredients to ensure the country can continue to prosper into the future. "The regulatory needs are increasing in line with the increasing competitiveness of the world due to global integration. If Malaysia is not being part of the global system it hardly raise capital or investment to develop itself," he said. -- BERNAMA