During the financial year from 1 Jul 2024 to 30 Jun 2025, the Practice Review Department (“PRD”) had finalised 23 first review reports and 3 monitoring review. The outcomes of the first reviews and monitoring review are as follows:

The above statistics represent high-risk firms selected based on a risk-based approach and are NOT representative of the audit profession as a whole. The selection of firms assessed as higher risk would naturally result in the selection of firms that are more likely to have difficulties passing the Practice Review process.

Besides, MIA, as a regulatory body for the accountancy profession, has a role in ensuring compliance and effective implementation of AMLA requirements from its members, specifically members who are reporting institutions (RIs) carrying out the activities as outlined under Paragraph 9 of the First Schedule of the Anti-Money Laundering, Anti- Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

During the financial year from 1 Jul 2024 to 30 Jun 2025, PRD conducted eleven (11) joint examinations with Bank Negara Malaysia (BNM) to assess the members’ compliance with the key requirements of AML/CFT/CPF. The results of our joint examinations are as follows:

• Two (2) firms fully met all assessed requirements;
• Six (6) firms were partially compliant with assessed requirements and required to submit an approved action plan and a progress report on its full implementation within four months from receiving the report card from MIA/BNM; and
• Three (3) firms declared they do not provide any Gazetted Activities as stipulated under paragraph 3.3 of the Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) Policy Document.