Malaysia's central bank has issued documents setting out wide-ranging changes in the country's anti-money laundering (AML) regime, with effect from 1 January 2020. Customer due-diligence, including beneficial ownership verification, is required when financial institutions (FIs) establish business relations with customers; provide money-changing, wire transfer or e-money services; or carry out transactions involving MYR25,000 or above. Companies and individuals who fail to comply will be liable to either a fine of up to MYR1 million or a three-year prison sentence. A 12-month grace period will be allowed for FIs to comply with standard customer due-diligence requirements.