Former Group Accountant of Asia Media Group Berhad Convicted for Failing to Comply With SC’s Notice To Assist in Money Laundering Investigation
14 December 2020   |   Kuala Lumpur

The Securities Commission Malaysia (SC) has on 10 December 2020 secured a conviction against Ong Kar Kian (Ken Ong), former Group Accountant of Asia Media Group Berhad, for three offences under Section 32(3)(a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) when he failed to appear before SC’s investigating officer to assist in a money laundering investigation.

Ken Ong, 39, who was also the Project Accountant for Bright Packaging Industry Berhad, was sentenced to a fine of RM25,000 and one day jail for each charge, with the jail term to run concurrently. Further, the Sessions Court had also found him to be guilty of continuously failing to comply with the notice for a span of 673 days. Thus, Ken Ong was also sentenced to a daily fine of RM1,500 resulting in a total fine of RM1,009,500.

This case is the first prosecution undertaken by the SC against a person who fails to comply with its notice issued under Section 32(3)(a) of AMLATFPUAA. 
SC-World Bank-IOSCO Asia Pacific Hub Conference 2019: Enhancing Financial Inclusion through Islamic Finance and FinTech
(From left to right):
  1. Abayomi A. Alawode, Head of Islamic Finance, Finance, Competitiveness and Innovation, The World Bank Group
  2. Datuk Syed Zaid Albar, Chairman of the Securities Commission Malaysia (SC)
  3. Dr. Firas Raad, Country Manager for Malaysia, East Asia and Pacific, The World Bank Group 
  4. Datuk Zainal Izlan Zainal Abidin, Deputy Chief Executive of SC
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