Auditors

Where an auditor or the supervisory authority of a financial institution suspects or has reasonable grounds to suspect that information that it has concerning any transaction or attempted transaction may be:
(a) related to the commission of a money laundering offence or an offence of financing of terrorism;
(b) of assistance in the enforcement of this Act;
(c) relevant to an act preparatory to the offence of financing of terrorism,
the supervisory authority or the auditor of the financial institution, as the case may be, shall forthwith report the transaction or attempted transaction to the Financial Intelligence Unit.
An auditor who contravenes this section shall be liable
(a) in the case of a natural person, to imprisonment for one year and to a fine of K100,000; or
(b)in the case of a corporation, to a fine of K500,000 and loss of business authority.

News & Updates

This page was last updated on MALAWI GOVERNMENT COMMITTED TO IMPLEMENTING UN SECURITY COUNCIL RESOLUTIONS 1267 AND 1373 The Malawi Government says that it is committed to implementing United Nations Security Council Resolutions (UNSCRs) 1267 and 1373 on dealing with terrorism and terrorist financing... OPPORTUNITY BANK EMBARKS ON COUNTRYWIDE AML/CFT TRAINING OF STAFF AND AGENTS Opportunity Bank of Malawi has embarked on a series of training programs for senior management, staff members and agents to enable them understand anti-money laundering and combating the financing of terrorism (AML/CFT) obligations... MALAWI FIU PRODUCES A SECOND REPORT ON MONEY LAUNDERING TYPOLOGIES The Malawi FIU has produced the second money laundering typologies report detailing how people and businesses in the country laundered proceeds of crime between January 2012 to December 2015...
FDH BOARD OF DIRECTORS SENSITISED ON AML/CFT Board of Directors of the FDH Bank were on 17 August 2016 sensitised on anti-money laundering and combating the financing of terrorism (AML/CFT) concepts by the FIU to enhance their support towards the bank's implementation of anti-money laundering programs...
MALAWI FIU HAS A SERVICE CHARTER The Malawi FIU has developed a Service Charter as part of Public Sector Reform Program being implemented by the government with the aim of ensuring that all government ministries, departments and agencies provide high level of services to the nation...
NICO GENERAL SHARPENS STAFF'S AML/CFT SKILLS NICO General Insurance Company in July this year trained its 62 staff members in anti-money laundering and combating the financing of terrorism (AML/CFT),...
MALAWI TO UNDERGO AML/CFT MUTUAL EVALUATION Malawi will be assessed for the second time on how it is implementing anti-money laundering and combating the financing of terrorism (AML/CFT) recommendations as guided by the Financial Action Task Force (FATF)....
STUDY REVEALS THAT POOR AML CONTROLS POSE HIGH RISK FOR MVTS AND CE SECTORS A study by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) on money laundering and terrorist financing (ML/TF) through the money or value transfer service (MVTS) and currency exchange (CE) sectors revealed that poor AML controls is one of the major factors that pose high ML risk to the said sectors...
RBM ISSUES DIRECTIVE ON FIT AND PROPER REQUIREMENTS FOR COMPLIANCE OFFICERS AND OTHER SENIOR OFFICIALS OF COMMERCIAL BANKS The Reserve Bank of Malawi (RBM) issued a Financial Services Directive in 2014 on requirements for recruitment or appointment of Compliance Officers to be followed by all commercial banks...