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.
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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.
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.
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.
Our built in workflow allows you to accept or reject a customer following investigation into any screening hit which may arise.
We will keep all customer records for as long as you maintain your account with us.