Banks can suspend accounts suspected of criminal activity, says Finance Minister


PETALING JAYA: Banks have the right to temporarily suspend any account if there is suspicion of criminal activity or fraudulent transactions, says Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Zafrul said that Bank Negara has guidelines and best practices to help banks carry out customer due diligence, effective customer risk profiling, identifying the existence of financial fraud through red flags and to understand the latest financial crime approaches and trends.

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