Anti-Money Laundering

What it means

Anti-money laundering, or AML, is the system that stops money from crime being passed off as clean money. It covers spotting suspicious money, reporting it, freezing accounts and tracing where the money went.

It is a set of duties, not one law. In Malaysia the main law is the Anti-Money Laundering Act, explained in our AMLA entry.

Who enforces it in Malaysia

Banks are the first line. They must watch transactions, flag unusual patterns and report anything suspicious. That is why an account that looks normal can suddenly be flagged or held.

Bank Negara Malaysia is the regulator above the banks. It supervises financial institutions and runs BNMLINK on 1-300-88-5465 as an official complaints channel ^[f1]. Later in a case, the Public Prosecutor can order a freeze under AMLA section 50(1) ^[f2].

How ordinary account holders get caught up

These rules can reach people who never expected it. The trouble starts when scam money passes through an account, such as a mule account lent out by someone who was tricked.

The public Semak Mule portal, which has flagged more than 190,000 accounts, is one place such accounts show up ^[f3]. A freeze can follow. A lawyer can help you set out what you knew and why the money passed through your account, ideally before you give your first statement.