Our Firm led by the Managing Partner, Nazmi Zaini and supported by our Legal Associate, Zahid Zulkifli advised a Labuan-based licensed money broking company in connection with regulatory enforcement by LFSA, suspicious transaction reporting and AML/CFT non-compliance matters.
Our role included reviewing the factual and regulatory background, advising on the Company’s response strategy, preparing regulatory submissions to Labuan Financial Services Authority, assessing potential regulatory exposure and advising on remedial measures to mitigate enforcement and non-compliance risks.
We also advised the Company on suspicious transaction reporting and client offboarding considerations arising from adverse media reporting, enhanced due diligence, sanctions screening, internal escalation, record-keeping and audit trail requirements.
This matter highlights our Firm’s experience in advising Labuan-regulated financial institutions on regulatory enforcement on breach and non-compliance of AML/CFT related laws and regulations, suspicious transaction reporting and risk-based client management.
