Global corruption has led to widespread money laundering, including in Malaysia. Regulators have collaborated to oversee both financial and non-financial sectors, with accountants in the latter group becoming gatekeepers under the Anti-Money Laundering (AML) regime. They now carry significant responsibilities to prevent money laundering . Reports from the Central Bank of Malaysia and the FATF highlight the medium risk posed by accounting professionals, who may assist clients—knowingly or unknowingly—in laundering money. This paper explores these vulnerabilities, the compliance challenges faced by accountants under the AML laws, and how advancing technology complicates monitoring, especially due to client-professional confidentiality.

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Navigating the Issues and Challenges of Accountants’ AML Compliance in Malaysia

  • Saslina Kamaruddin,
  • Nursyakila Kamaruddin,
  • Muhammad Izwan Ikhsan,
  • Nadia Nabila Mohd Saufi

摘要

Global corruption has led to widespread money laundering, including in Malaysia. Regulators have collaborated to oversee both financial and non-financial sectors, with accountants in the latter group becoming gatekeepers under the Anti-Money Laundering (AML) regime. They now carry significant responsibilities to prevent money laundering . Reports from the Central Bank of Malaysia and the FATF highlight the medium risk posed by accounting professionals, who may assist clients—knowingly or unknowingly—in laundering money. This paper explores these vulnerabilities, the compliance challenges faced by accountants under the AML laws, and how advancing technology complicates monitoring, especially due to client-professional confidentiality.