KUALA LUMPUR, 24 December 2018: The International Compliance Association (ICA) has opened an office in Malaysia as part of its plans to grow its global compliance community. The ICA was established in 2001 and already has offices in the UK, the U.S, Dubai, Singapore and Hong Kong. The office opening in Malaysia was  accompanied by an exclusive panel discussion attended by the country’s leading compliance heads from  various industry sectors.

The session, entitled ‘Senior Management Regime “How will Bank Negara’s Responsibility Mapping project affect you and your firm?”, was highly charged as the audience posed questions that reflected the openness of the new Government. The panellists included Datuk Seri Dr Nik Norzrul Thani, Chairman, Zico Law, Cynthia Gabriel, Executive Director, The Centre to Combat Corruption and Cronyism (C4 Centre), Derick Choo, Head of Training and Education, International Compliance Training Academy (ICTA) and the session was moderated by Kuok Yew Chen, Partner, Christopher & Lee Ong.

During the discussion, it was noted that the 1Malaysia Development Berhad (1MDB) scandal has helped reinforce the concept that those with the responsibility to ensure appropriate behaviour, such as the senior management, who should be held personally accountable for failings.

Andrew Glover, ICA Regional Director, said “The people of Malaysia spoke at the elections earlier this year with a very powerful and clear voice. I believe that the local ICA office will help us to further increase the demonstrable level of professionalism of compliance officers in Malaysia.  This, coupled with ICA’s work with key stakeholders in the region, will assist Malaysia in driving the financial community towards greater transparency and accountability and thus strengthen the value of the Malaysian financial market as a place to transact business .”

ICA already offers its internationally recognised qualifications in compliance, anti money laundering and combatting the financing of terrorism in the region through its established partners, the Asian Institute of Chartered Bankers and the Malaysian Insurance Institute. Through its local industry partners, ICA provides training that not only covers global initiatives and requirements, but is also tailored specifically based on local rules, regulations and guidance. This includes providing a separate set of materials for the banking and insurance industries within Malaysia.



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