Citation

Selvam, Nirainjani (2025) Consumers' awareness on AML/CFT regulations and implementation in Malaysia. Masters thesis, Multimedia University.

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Abstract

This study explores consumer awareness of AML and CFT regulations in Malaysia, particularly in the context of the increasing adoption of e-wallets and digital financial services. As financial crimes evolve, ensuring that consumers understand and comply with AML/CFT measures is crucial for safeguarding the financial system. Despite Malaysia's comprehensive legal framework including the Anti-Money Laundering, AntiTerrorism Financing and Proceeds of Unlawful Activities Act 2001, consumer awareness remains a significant challenge. The research employs a quantitative approach, utilizing surveys and questionnaires to assess consumer knowledge, attitudes and behaviours regarding AML/CFT regulations. A sample of 100 e-wallet users participated, providing insights into demographic influences, compliance levels and exposure to AML/CFT information. Findings reveal that while 65% of respondents are aware of AML regulations, 35% remain uninformed, highlighting a crucial knowledge gap. Additionally, 64% of respondents have encountered AML-related notifications while using e-wallets, yet understanding of specific compliance requirements remains low. Factors such as education, income level and digital literacy significantly influence awareness and compliance rates. Challenges in AML/CFT compliance stem from complex regulations, limited public education, and rapid advancements in digital finance, which create vulnerabilities for money laundering and financial fraud. Although financial institutions and regulatory bodies have initiated awareness programs, the study finds these efforts insufficient in effectively engaging consumers. The study concludes that enhancing consumer education through simplified regulatory communication, digital literacy programs and stronger institutional efforts is necessary to bridge the awareness gap. This research contributes to the discourse on financial security and provides recommendations for policymakers, financial institutions and digital service providers to strengthen AML/CFT compliance through targeted consumer education initiatives.

Item Type:	Thesis (Masters)
Additional Information:	Call No.: HF5415.32 .N57 2025
Uncontrolled Keywords:	Consumer behavior
Subjects:	H Social Sciences > HF Commerce > HF5001-6182 Business > HF5410-5417.5 Marketing. Distribution of products
Divisions:	Faculty of Management (FOM) > MBA Programme
Depositing User:	Ms Suzilawati Abu Samah
Date Deposited:	22 May 2025 09:00
Last Modified:	22 May 2025 09:00
URII:	http://shdl.mmu.edu.my/id/eprint/13815

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