BNM to review money laundering risks in 2027. What does it mean for SMEs?

Bank Negara Malaysia (BNM) will run its next National Risk Assessment in 2027. This time, the focus is not on banks. It is on designated non-financial businesses and professions, or DNFBPs. In simple terms, these are the people who help set up companies, handle transactions and provide professional services.

BNM Deputy Governor Dato' Marzunisham Omar shared this at the DNFBP Compliance Conference 2026 on October 22. He said the results will help BNM come up with policies and guidance that suit the risks of each sector.

Why these sectors? He explained that before dirty money reaches a bank, a company may already have been set up, a deal arranged or a professional engaged. At every one of these steps, someone is "standing at the gate". Criminals, he said, will look for the gate with the weakest checks.

To guard that gate properly, he said professionals need to know three things: who their client is, where the money comes from and why the transaction is being done.

He also pointed out that data from the National Fraud Portal shows more company accounts are being used as mule accounts, meaning accounts used by criminals to move illegal money.

Two recent cases were mentioned. A company secretary faced action from BNM and the Companies Commission of Malaysia (SSM) for not reporting suspicious transactions involving foreigners suspected to be linked to an international scam syndicate. A Labuan investment bank also faced action from BNM and the Labuan Financial Services Authority for weak customer checks and late suspicious transaction reports.

His message was clear. Whether they know it or not, professionals must not let their services become a way for illegal money to look legitimate.

So what does this mean for SMEs? Most SMEs rely on company secretaries, accountants and lawyers when they set up a company, change shareholders or bring in new capital. Based on the speech, these professionals are expected to ask more questions, not fewer. Marzunisham said they should understand a client's business and the bigger picture behind it, question things that do not add up and, at times, have the courage to say "no".

In practice, this means SMEs should be ready to explain where their money comes from and what a transaction is for, and to back it up with documents. A request may also be turned down if the explanation does not make sense. With BNM flagging the rise in company mule accounts, a company's bank account should only be used for the company's own business.

No new rules have been announced for businesses yet. Any new measures will only come after the 2027 assessment.

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