New accounts should be checked sure. But if we have been holding active bank accounts for 15-20-25 years, why now? Even so, ask once every 6 months, please ... not every other transaction 2-3 times a month. We feel like ex-prison convicts being checked by our supervisor for post-good behavior.
Why should Bank Negara tone down the "overkill":- You are letting the eagles go free, but go rustling for chickens. We only see "justice being carried out now" on maybe the top 10-20 senior politicians from the old government. I mean, come on, what about the day in day out shenanigans for the last 10 years by the next layer of 500-1,000 top "politicians / influencers / gatekeepers"???
- It is disruptive to our lives, and put the poor souls at the banks having to make these incessant ludicrous calls. Making them subjected to temper outbursts and being called names and profanities for no good reason. WHAT A TOTAL WASTE OF RESOURCES on all counts.
- We have people appointed to look for real money launderers, don't we? Or suddenly bank officers were appointed as RELA members? Let MACC and the Police money laundering unit do their job. If it is not effective, pour resources there.
- Already the economy has been slowing down for the past 2-3 years. The velocity of money has dipped appreciably, and here comes the phone call questioning my funds' movements. It is a wonder that funds even move at all.
- Bank Negara, no need to go so micro. These scare tactics supposedly preventive just give rise to an unbalanced cost-benefit result. Don't use or test the general public's patience to bring about some "scare tactics". Criminals will be criminals, they will find other ways.
- The GREY economy: I am sure Bank Negara knows how big our grey economy is. The side that pays no taxes. A lot of funds swish around because of the grey economy. If you want to capture the taxes there, do a proper GST on consumption. Don't unnecessarily burden and frustrate the majority of good standing citizens.
Preventive Measures for Reporting Institutions
All reporting institutions are required by law to undertake preventive measures to prevent their institutions from being used as a conduit for money laundering and terrorism financing activities.
The preventive measures include conducting risk assessment, application of customer due diligence, submission of suspicious transaction report (STR) and cash threshold report (CTR), maintenance and retention of records of transactions and implementation of AML/CFT compliance programme that is reflective of the reporting institutions’ money laundering and terrorism financing risk profile.
WHAT IS MONEY LAUNDERING?
Money laundering is a process of converting cash or property derived from criminal activities to give it a legitimate appearance. It is a process to clean ‘dirty’ money in order to disguise its criminal origin.
WHAT IS TERRORISM FINANCING?
Terrorism financing is the act of providing financial support, funded from either legitimate or illegitimate source, to terrorists or terrorist organisations to enable them to carry out terrorist acts or will benefit any terrorist or terrorist organisation.
While most of the funds originate from criminal activities, they may also be derived from legitimate sources, for example, through salaries, revenues generated from legitimate business or the use of non-profit organisations to raise funds through donations.
IMPACT OF MONEY LAUNDERING AND TERRORISM FINANCING ON COUNTRY
- Increase in the overall rate of crime that could threaten national security.
- Inhibit the growth and competitiveness of the economy.
- Taint the integrity and reputation of the business and financial sector.
- Increase cost of doing business and operations of various sectors of the economy.
No comments:
Post a Comment