Yang Berbahagia Datuk Howard Choo, Chairman of the Labuan Investment Banks Association

Yang Berusaha Encik Alvin Han Jiunn Kwang, Chairman of Labuan Banks Compliance Officers’ Networking Group

2. To achieve this in such a short period of time, which I believe it took us less than 4 months for the LB-CONG platform to be formalised, I wish to commend the diligent efforts and firm commitment shown by the Association of Labuan Banks (ALB) and the Labuan Investment Banks Association (LIBA) in coming together to set up LB-CONG for the Labuan banking market. On behalf of Labuan FSA, I would also like to acknowledge that the LB-CONG initiative and overall collaboration with the industry have been spearheaded by our AML Policy team led by Encik Syahrul Imran Director of Regulatory Policy Department since May this year. The team played an integral role in developing the LB-CONG concept and bringing it to the industry including cementing both ALB’s and LIBA’s commitment for the initiative to come to fruition. This is a true testament of a healthy symbiotic partnership between Labuan FSA and the industry – if we put our minds to it the sky is the limit to what we can achieve together.

3. The LB-CONG represents a significant step towards fostering collaboration, knowledge sharing and greater interactions amongst banking institutions’ compliance officers within our market. By breaking down corporate barriers and promoting open dialogue through this platform, Labuan FSA believes that the banking sector can now collectively and effectively address AML/CFT challenges brought about by emerging risks or better manage any new AML/CFT-related regulations issued by the Authority.

4. Just as had it been for the domestic CONGs, I hope this LB-CONG would be opportunised by Labuan banking institutions as a platform to share experience and best practices, understand new regulatory developments as well as support one another in navigating the ever-changing landscape of AML/CFT compliance. As we move towards the incoming Mutual Evaluation Exercise 2024-25, the LB-CONG is certainly a key initiative which Labuan FSA will definitely make a special mention; as it is an important market-driven mechanism created to enhance the Centre’s compliance and appreciation with regard to AML/CFT regulations.

5. I would also like to congratulate the newly elected LB-CONG Committee Members who are here with us today. Your willingness to sit in the committee is a true testament of your commitment to upholding AML/CFT compliance standards on behalf of your sector in addition to your current roles within your respective institution.

6. I encourage each member of this Networking Group to actively contribute and participate in discussions. Your insights and perspectives are invaluable, and they will play a crucial role in shaping the effectiveness of LB-CONG. Each one of you brings a unique set of skills and expertise, and together, can drive positive changes and work diligently towards creating a favourable and effective compliance culture within Labuan banking sector.

7. Thank you all for being part of this great occasion and by the grace of the Almighty I now officially declare the establishment of LB-CONG and wish you a productive first meeting later today.

Thank you.