Press Release on Labuan IBFC’s first AML/CFT Compliance Industry Platform
Labuan IBFC’s First AML/CFT Compliance Industry Platform
17 August 2023 – Labuan IBFC launched its first Anti-Money Laundering & Counter Terrorism Financing (AML/CFT) compliance platform with the formation of Labuan Bank Compliance Officers’ Networking Group (LB-CONG). This is a key milestone as LB-CONG will become the dedicated platform for Labuan banking institutions to effectively deliberate on AML/CFT compliance matters and best practices.

Establishment of LB-CONG was a product of joint collaboration between Labuan Financial Services Authority 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.

The launching event on 15 August 2023 was officiated by Encik Nik Mohamed Din Nik Musa, Director General of Labuan FSA and witnessed by the Chairmen of ALB and LIBA; as well as the LB-CONG’s newly appointed committee members. In his opening remarks, Encik Nik highlighted the regulatory significance of LB-CONG and expressed Labuan FSA’s expectations for this to be an enabler for higher AML/CFT compliance standards to permeate across the Labuan banking industry.

Labuan Financial Services Authority
17 August 2023


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