BNM – AML/CFT/CPF Newsletter 01/2025

1.

Extension of DCR 2024 Submission Date

BNM issued a circular announcing the extension of the submission deadline for the DCR 2024 from 15 January 2025 to 31 January 2025. BNM also observed a high number of DCR reports are still in Draft status and advised reporting institutions (RIs) to click the "Submit Application" button for an effective submission thereon. Please do not hesitate to contact dcr@bnm.gov.my for any enquiries relating to the DCR submission.

2.

Emerging Risks and Trends in Citizenship and Residency by Investment (CBI/RBI) Programs

BNM issued guidance on the emerging risks associated with Citizenship and Residency by Investment (CBI/RBI) programs, commonly referred to as "Golden Passport" schemes.

CBI/RBI programs allow individuals to acquire citizenship or residency status through substantial investments in a country's economy. While these programs were initially created to support economic diversification in less privileged nations, they are increasingly being exploited by illicit actors for financial crimes, including corruption, tax evasion, money laundering, and fraud.

The risks associated with these schemes can be categorised into three main areas:

• Criminal Actors
• Investment Migration Ecosystem Participants
• Corrupt Public Officials

RIs are advised to remain vigilant and adopt proactive measures to mitigate these emerging risks.