Over five million suspicious deposits recorded since cash threshold rate lowered, says Bank Negara governor
06 Nov 2019

Over five million suspicious cash deposits were reported up to September after Bank Negara Malaysia (BNM) lowered the daily cash threshold to RM25,000 starting this year, Datuk Nor Shamsiah Md Yunus said today.

The cash transactions were valued at RM483 billion, the BNM governor said, saying it was still too early to draw conclusions if these deposits were in any way criminal.

Still, the volume of the cash threshold reports triggered by the transactions has nearly doubled since the new threshold was put in place, Nor Shamsiah told the 2019 International Conference on Financial Crime and Terrorism Financing here.

“It is still too early to draw any concrete conclusions, but what we have observed across the industry is the total value of cash transactions reported has increased marginally,” she said.

“The number of Cash Threshold Rate (CTR) reports received has nearly doubled.”

The significant increase in CTR received since January provides BNM with alarming but important data points that Nor Shamsiah said could enable more rigorous monitoring.

She said these “peculiarities in cash transactions” and identification of risk on newly identified entities had not been captured prior to the lowered threshold, giving the regulator insights that could help beef up its fight against financial crime.

“These additional insights also lead to a better quality of disclosures to relevant law enforcement agencies especially in relation to fraud, tax evasion, and corruption crimes,” she said.

By Syed Jaymal Zahid, Malay Mail, 5 November 2019

Read more at Malay Mail

Photo: Kaihsu Tai [CC BY-SA 3.0], via Wikimedia Commons

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