Accountants, Company Secretaries, and other Designated Non-Financial Businesses and Professions (DNFBPs) are Gatekeepers according to BNM. They help curb money laundering and terrorism financing (ML/TF) activities as they are the first group of people and businesses that customers interact with before any transactions can occur.
The Mahzan Sulaiman firm believes in continuous development. This led to the adoption of new technologies, such as HaloCheck.xyx, to help meet BNM AML/CFT requirements and simplify the complicated CDD process.
Reporting Institutions (RIs) must ensure they meet Bank Negara Malaysia AMLA requirements. Businesses and professionals can do this by putting into place Adequate Procedures. These procedures protect them and their assets from money laundering and terrorism financing (ML/TF) activities."We are actually huge proponents of technology," said Mahathir Mahzan, Founding & Managing Partner of Mahzan Sulaiman. "We adopted different technologies to streamline a lot of our processes, especially with regards to accounting as well as our company secretarial services. Firms like ours need to ensure we comply with Bank Negara's policies and act as effective gatekeepers. With this very fast and reliable system, we can basically automate the Client Due Diligence process. We're using HaloCheck to basically streamline the whole process."
There are many benefits of digitalising the Know Your Customer (KYC) process such as streamlining CDD and reducing administrative work. Mahzan Sulaiman remains well ahead of its peers in the adoption of new technologies."Working with forward-thinking companies is always a pleasure, we are very happy that Mahzan Sulaiman chose our e-KYC and Instant Background Screening technology to help them meet BNM AML/CFT requirements," says Mark Leow, Founder and Managing Director of HaloCheck.xyz. "Complying with AML/CFT doesn't have to be complicated. Professionals don't have time to waste so, we designed a fast, easy, reliable solution. Now, meeting compliance takes less than 2 minutes, from signing up to completing a check."
For more about HaloCheck, visit www.halocheck.xyz