Scribd
Upload
28 views2 pages

Enhanced Due Diligence for Financial Services

The document outlines the customer identification and due diligence processes for S&S Multimax Trade Sdn Bhd, including record-keeping requirements under AML/CFT and Income Tax regulations. It emphasizes the importance of verifying customer information, monitoring transactions, and conducting enhanced due diligence in compliance with various regulations. Additionally, it highlights the need for a risk-based approach in assessing customer profiles and transactions.

Uploaded by

shahrulhafizmohdsharif
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
28 views2 pages

Enhanced Due Diligence for Financial Services

The document outlines the customer identification and due diligence processes for S&S Multimax Trade Sdn Bhd, including record-keeping requirements under AML/CFT and Income Tax regulations. It emphasizes the importance of verifying customer information, monitoring transactions, and conducting enhanced due diligence in compliance with various regulations. Additionally, it highlights the need for a risk-based approach in assessing customer profiles and transactions.

Uploaded by

shahrulhafizmohdsharif
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

S&S Multimax Trade Sdn Bhd

CUSTOMER
IDENTIFICATIONCollecting basic
information documents and
conducting verification

Record Keeping - Transaction CUSTOMER DUE DILIGENCE


record to be kept for 6 years under Collecting informationon
(AML/CFT) Money Service Business beneficiary owners, key personnel,
Act 2011 sector 3 & 7 years verifying against watch list & assess
under Income Tax Act 1967 related risk

VERIFY, MONITOR & REPORT


Regular monitoring customer Risk Rating - Accessing risk rating
transaction for changes in geographical presence, type of
ownership structure, business etc, business, products and services etc
reporting to FIED (if necessary)

ENHANCED DUE DILIGENCE


REGULATIONS - Support &
Coverage for regulations such Assessing & Investigating busin ess
as AMCFT, UNSC, FATF & information such as financial
statements, customers details,
Money products and services
Service Business Act 2011 (MSB)
Process Flow
give Customer
currency Request -
and issue Remittance AND
receipt / OR Money
Exchange

Proceed with KYC - Collecting


Transaction - basic
data entry Information -
NRIC / Passport

Verification of Standard
details Customer Due
• Risk based Diligence
Approach

You might also like