Sector | Reporting Institution |
Banking | Commercial, Islamic Banks |
Insurance | Motor, life, goods, property and others |
Money Service Business | Remittance – Domestic & International |
Mobile Money | Mobile wallets |
Micro Finances | Small lenders |
DNFBPs | Accountants, lawyers, public notaries |
Others | Others |
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 measure includes conducting risk assessment, application of customer due diligence, submission of suspicious transaction report (STR) and large cash transaction report (LCTR), maintenance and retention of records of transactions, and implementation of AML/CFT compliance program that is reflective of the reporting institutions money laundering and terrorism risk profile.