Malaysia
How Idenfo Direct supports Malaysian businesses comply with their AML requirements
Bank Negara has provided a useful guide for Malaysian non-financial businesses and non-bank financial institutions on how to comply with money laundering (AML) and terrorist financing (CFT) requirements.
At Idenfo, we cover all AML/CFT requirements (know your customer, name screening, audit and reporting) holistically. We have not just cherry picked a few simple requirements – Idenfo is designed to provide AML/CFT support throughout the customer lifecycle for all such businesses to fully meet your regulatory requirements.
Click on each box in the interactive form below to see how Idenfo can help you.
Idenfo Direct supports everyone. It provides an easy-to-use, technologically advanced, and affordable solution for businesses and individuals.
For information on all the industries we support please click here
Our registration process for your customers includes a simple intuitive questionnaire to help assess if a customer has any enhanced due diligence requirements.
Source of funds and source of wealth information is also collected up front.
For higher risk clients, senior management approval can be added into our intuitive workflow ensuring all your requirements are met.
In parallel with our name screening and document verification processing, Idenfo automatically risk assesses your customers based on a number of different factors including their profile, geographic location and the services they wish to take.
Crucially, it overlays this profile with the name screening and document verification results. It also automatically increases risk based on key common “red flag” scenarios – for example a customer coming from a sanctioned country.
All in all, it provides a powerful, holistic calculation for determining the risk level of your customers.
Idenfo Direct provides a simple on-boarding experience for your customers. After setting up and registering them via your portal, an email is sent out to each of your customers inviting them to register their details.
On registration a smooth process will enable them to fill in personal information covering all the key AML/CFT requirements and allowing a risk assessment to be made. The customer will further be invited to take a short video and upload key reliable identity documents supporting their verification.
Follow ups with the customer and additional information can be added to the portal via our intuitive and easy to use customer workflow.
Idenfo automatically and seamlessly screens all your customers against the MOHA and the UN lists as well as other key global sanction lists upon on-boarding. Our sophisticated engine has built in fuzzy logic which screens not just names, but also the provided ID numbers and other factors in order to minimise false positive matches.
Our built in workflow allows you to accept or reject a customer following investigation into any screening hit which may arise.
All the information about your customers is collecting in one “customer profile” place within your portal. In the event that any customer breaches key “red flags”, such as a positive name screening hit or them being from a sanctioned country, the information is clearly displayed enabling a simple process for filling out the relevant STR for your industry.
Of course! Idenfo provides a solid repeatable process to ensure you are covered not just during on-boarding but throughout your customer lifecycle.
Idenfo Direct automatically saves all uploaded documents (such as the customer’s ID card and utility bill) as well as the video verification. All customer information is saved within the customer profile part of the portal. STRs submitted can be uploaded to the customer record.
We will keep all customer records for as long as you maintain your account with us.
Source: https://www.bnm.gov.my/
