ANTI-MONEY LAUNDERING & COUNTER FINANCING TERRORIST (AMLCFT) POLICY
As a licensed insurance broker, State recognizes and supports the Government and Bank Negara Malaysia’s objectives, initiatives and efforts in the prevention of the use of insurance for illicit, laundering and terrorism financing activities.
State demonstrates its full commitment and support to required standards of compliance with the Anti-Money Laundering & Counter Financing Terrorist Act 2001 (AMLCFTA) requirements by establishing proper policy, procedures and processes for the prevention and detection of money laundering and terrorist financing activities.
As part of the process, clients will need to provide information in the Client Verification Form before purchasing insurance. The AMLCFT policy is being fulfilled within State by means of the following:
b. Monitoring of suspicious activity
c. Suspicious Transactions Recognition and Reporting
d. Record keeping
The AMLCFT policy, procedures and processes are subject to periodic reviews to ensure that it stays in compliance with the regulatory guidelines and requirements of the Anti-Money Laundering & Counter Financing Terrorist Act (AMLCFTA) 2001 as well as other applicable international best practices.
State and all its employees are committed in ensuring compliance with AMLCFT Act 2001 in adopting the most strict standards at all times.