Financial Services
Labuan International Business and Financial Centre
("IBFC")'s First AntiMoney Laundering & Counter
Terrorism Financing ("AML/CFT") Compliance Industry
Platform
On 15 August 2023, Labuan IBFC officially launched its first
AML/CFT compliance platform with the formation of the Labuan Bank
Compliance Officers' Networking Group ("LBCONG").
LB-CONG will become the dedicated platform for Labuan banking
institutions to effectively deliberate on AML/CFT compliance
matters and best practices.
The establishment of LB-CONG is the product of a collaboration
between Labuan Financial Services Authority ("FSA") and
the Labuan banking sector, represented by the Association of Labuan
Banks ("ALB") and the Labuan Investment Banks Association
("LIBA"). It is envisaged that LB-CONG will be a catalyst
for many other partnership opportunities between the Authority and
the market in promoting strong AML/CFT compliance culture within
Labuan IBFC.
