STRENGTHEN AML CONTROLS • Fine-tuned AML/CFT monitoring rules and parameters, resulting in reduced false positives and enhanced detection capabilities through effective alert generation. • Adopted technologies, such as robotic process automation (RPA), to facilitate order screening and improve response timeliness. • Implemented system improvements to automate sanction and name screening, as well as to store information on beneficial owners. • Undertook a refresh ML/TF Institutional Risk Assessments at both the Bank and Subsidiaries, aligning with the findings from the National Risk Assessment (NRA) and other regulatory advisories. • Established Data Science Unit within Financial Crime Compliance (FCC) to perform financial crime analytics. • Progressed into Phases 2 and 3 of implementing the new AML system, aiming to provide the Bank with a modern and robust AML solution for better management of financial crime risks. KEY COMPLIANCE INITIATIVES FOR FY2023 • Strengthen controls in managing mule activity via real time detection through enhanced parameters in eChannels’ Fraud Detection System (FDS). • The Bank participated as one of the pilot banks for the operationalisation of National Scam Response Centre (NSRC) by Bank Negara Malaysia. • Collaboratively participated in industry task force for the development of Mule reporting protocol document. • To strengthen controls in managing mule activity, the Bank has invited ASP Rahmat Fitri Bin Abdullah from PDRM to speak about mules and scams. Additionally, several articles have been published via internal communication as guidance and reminder for all staff. • Strengthened the Bank’s Electronic Know-Your-Customer (e-KYC) solution and work processes, resulting in timely identification of potential fraudulent account opening applications. MULES, FRAUD, CONTROLS & AWARENESS CERTIFICATIONS • Improved staff competency through certification (AICB/ABS, ICA, ACAMS, ACFE and other regulatory compliance certification). Over 15 staff undertook six professional certificates in 2023. • Continuous education on AML/CFT, Integrity and regulatory training for staff i.e., inhouse training, external training (virtual/physical engagement and sharing session with PIDM, PDRM & NFCC). • 52 webinars and virtual sessions organised by external organiser were attended by the staff. • 64 refresher courses and intensive trainings were conducted bank wide. • 16 Essential skills of a Compliance Officer and 5 Coffee with Compliance sessions. AML/CFT, REGULATORY & INTEGRITY TRAINING/ AWARENESS • Publication of learning and awareness materials through Communiqués to all staff at branches and business units. • 21 publications on various topics relating to Compliance, AML/CFT, Ethics & Integrity were issued in 2023. COMMUNIQUÉS 238 Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2023 Statement on Risk Management and Internal Control
RkJQdWJsaXNoZXIy NDgzMzc=