Data and Compliance Report (DCR) Submission: What You Need to Know for 2024 [Issue 1 of 4]
In an era of heightened regulatory scrutiny, financial and non-financial institutions must navigate complex reporting requirements to comply with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. A crucial element in this compliance journey is the DCR introduced by Bank Negara Malaysia (BNM) as part of the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001 (AMLA).
What is the Data & Compliance Report (DCR)?
The DCR is a structured, periodic compliance report required by BNM, targeting specific reporting institutions (RIs). Established as a regulatory instrument, the DCR assesses a firm’s compliance with AML/CFT guidelines and helps institutions identify potential vulnerabilities to money laundering (ML), terrorism financing (TF), and proliferation financing (PF). Beyond compliance, DCR reporting allows firms to review and strengthen their internal risk management processes introspectively.
Who Must Submit the DCR?
According to the AMLA, submission of the DCR is mandatory for RIs involved in gazetted activities. Firms that are newly registered, dormant, or have not engaged in gazetted activities in the reporting years (2022–2023) may declare their status of non-applicability via the Designated Non-Financial Businesses and Professions (DNFBP) portal.
Key sectors required to submit the DCR include:
- Lawyers and notaries public
- Accountants
- Company secretaries
- Registered estate agents
- Dealers in precious metals and stones
Firms exempted from DCR submission include those undergoing on-site reviews or thematic assessments in 2024, as well as those strictly employed internally by non-reporting entities (e.g., government agencies).
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