KUCHING: AmBank Group, one of the banks reportedly mentioned in a leaked document of the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN), has expressed strong commitment to adherence to all banking rules and regulations.
“Over the recent years, global practices for Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) have improved and made more stringent. AmBank is compliant with the existing AML/CFT framework in place,” it said in a statement today in response to reports on the leaked document.
The group said it had spent more than RM100 million in a span of four years, beginning 2016, to improve the robustness of its processes as well as enhancing its monitoring systems, infrastructure and training.
“We have hired industry talents to transform the bank and ensure compliance to all rules and regulations,” it said.
The report, citing the purported document, said a total of 23 transactions, involving US$18.26 million that flowed to or from banks in Malaysia between 2010 and 2016, had been flagged by US-based banks as suspicious.
Two days ago, Public Bank and CIMB Group, two other Malaysia-based banks reportedly named in the FinCEN document, issued statements in response to the reports.
Public Bank said it remained committed in efforts to combat financial crimes and would cooperate with the authorities to maintain the integrity of the financial system.
Meanwhile, CIMB Group Holdings Bhd said it was diligent in filing Suspicious Activity Reports when appropriate and adhered to a robust due diligence process in a secured and controlled environment.