by Masetah Ahmad Tarmizi*, Wan Razazila Wan Abdullah, Enny Nurdin Sutan Maruhun

Universiti Teknologi MARA, Malaysia

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Abstract This paper discuss on the professional accountant responsibility towards money laundering regime. In 2004, professional accountant becomes reporting institution and needs to comply with AMLATFA Act. In order to comply with the Act, accountant need to adopt risk based approach practices, maintaining a good due diligent relationship with customer, reporting any suspicious transaction activities and maintain the record of client for six (6) years. BNM as regulators have conducting a several training and workshop to disseminate the knowledge and skill to comprehend with money laundering requirement. Besides AMLATFA 2001 Act, FATF also produces a recommendation that can be applying the reporting institution. There are four recommendations that relate to professional accountant. The recommendations are rrecommendation 12 - Customer Due Diligence (CDD) explains about the customer due diligence and record-keeping requirements. Recommendation 16 - Suspicious transactions reporting (STR) explains about suspicious transactions reporting. Recommendation 24 - DNFBPs subject to regulatory and supervisory which explain on regulatory and supervisory measures as set out in the recommendation and finally Recommendation 25 - establishment of guidelines and provide feedback talks about establish guidelines, and provide feedback which will assist DNFBPs in applying national measures to combat money laundering and terrorist financing. This paper seeks to explore on the level of expertise among the professional accountant in mitigating money laundering activities. Seven (7) questions will be given to the respondents on accountant daily responsibility to hold up AMLATFA 2001. Looks at the finding, the competencies level among professional accountant were not yet satisfied. Many of the accountant claims that they are not competent enough in carried out their task to support money laundering regime.

Keywords: Money laundering practices, risk based approach, client due diligent, suspicious reporting transaction, expertise and competency

Kemaskini:: 27/06/2022 [syazmer]