Journal Screenshot

International Journal of Academic Research in Accounting, Finance and Management Sciences

Open Access Journal

ISSN: 2225-8329

AMLA Regime Compliance and Confidentiality of Client Information

Masetah Ahmad Tarmizi, Normah Omar, Suhaily Hasnan, Marina Ibrahim

http://dx.doi.org/10.6007/IJARAFMS/v13-i6/15079

Open access

Money laundering offences have becoming important issues worldwide. Within the accounting fraternity, discussions have involved an important issue related to the low level of compliance by professional accountants towards the anti-money laundering regime in Malaysia. Professional accountants have been named as one of the reporting institution under the anti-money laundering regime, where they are required to implement compliance programs such as Know Your Customer, Clients Due Diligent, Record Keeping and reporting of suspicious transaction. This study aims to examine the relationship between confidentiality of client information and compliance of anti-money laundering regime among professional accountants in Malaysia. A questionnaire was development and sent to 1100 professional accountants. However, 275 questionnaire were collected and analyses using regression analysis. Findings from this study have identified that “confidentiality” found to be significantly related to the level of compliance towards anti-money laundering regime by professional accountants.

Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act. (2001), “Anti-Money laundering, anti-terrorism financing and proceeds of unlawful activities act”, Act 613, International Law Book Services, Petaling Jaya.
Churchill, G. A. (1979). A paradigm for developing better measures of marketing constructs. Journal of Marketing Research 16 (1): 64-73.
FATF. (2003), “The FATF recommendations”, available at: www.fatf-gafi.org/ (accessed 27 February 2017).
FATF. (2007a), Methodology for Assessing Compliance with the FATF 40 Recommendations and the FATF 9 Special Recommendations, Financial Action Task Force, Paris, pp. 10-11.
FATF. (2010), “Global money laundering & terrorist financing threat assessment”, available at: www.fatf-gafi.org/dataoecd/48/10/45724350.pdf (accessed 15 June 2013).
FATF. (2012), International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation: The FATF Recommendations, FATF/OECD, Paris, pp. 90-93.
FATF. (2016), “Who we are”, available at: www.fatf-gafi.org/about/
FATF. (2007), Guidance on the Risk-Based Approach to combating money laundering and terrorist financing.
FATF. (2012), Methodology for Assessing Compliance with the FATF 40 Recommendations and the FATF 9 Special Recommendations.
Kamarudin & Hamin. (2019), Lawyer’s predicament in complying with the anti-money laundering law in Malaysia, Journal of Financial Crime, Volume 26, No 2, pp 583-596.
Hamin, Z., Omar, N., Wan, R., and Kamaruddin, S. (2015), Reporting Obligation of Lawyers under the AML/ATF Law in Malaysia, Asian Conference on Environment-Behaviour Studies Chung-Ang University, Seoul, S. Korea, 25-27 August 2014, Proceeding - Social and Behavioural Sciences 170, pp 409 – 414.
Melnik. (2001), The inadequate utilization of the accounting profession in the United States Government fight against money laundering, Volume 4, pp 143 – 175.
Melnik. (2003), Accountants anti money laundering responsibilities, The CPA Journal, Volume 73, pp. 50.
Rahman. (2013), the impact of reporting suspicious transactions regime on banks: Malaysian experience, Journal of Money Laundering Control, Volume. 16 No. 2, pp. 159-170.
Rahman & Wahab. (2022), Anti-money laundering obligation and dismissal of bankers: Evidence from Malaysia, Journal of Money Laundering Control, Volume 25, No 3, pp 556-566.
Sekaran. (2006), Reseach Methods for Business, A Skill Building Approach, Fourth Edition.
Sekaran, U. (2003). Research methods for business: A skill building approach. 4th ed. New York: John Wiley & Sons.
Simser. (2006), The significance of money laundering: The example of the Philippines, Journal of Money Laundering Control, Vol. 9 No. 3, 2006, pp. 293-302
Verhage. (2009), Supply and demand: anti-money laundering by the compliance industry, Journal of Money Laundering Control, Volume. 12 No. 4, pp. 371-391.

In-Text Citation: (Tarmizi et al., 2023)
To Cite this Article: Tarmizi, M. A., Omar, N., Hasnan, S., & Ibrahim, M. (2023). AMLA Regime Compliance and Confidentiality of Client Information. International Journal of Academic Research in Business and Social Sciences, 13(6), 1132 – 1140.