INTRODUCTION
AEON Credit Service (M) Berhad (“AEON Credit” or the “Group”) does not do business with any individuals or non-individuals whose identities cannot be confirmed, who do not provide all required information or who have provided information which is false or contains significant inconsistencies that cannot be resolved after further investigation.
“Know Your Customer” (“KYC”) processes assist in answering questions that permit the Group to form a reasonable understanding of the true identity of its customers, their services needs and the associated risks. The information can be obtained directly from the customer or independently through approved internal and external sources.
POLICY STATEMENT
In an increasingly global economy, the Group become vulnerable to illicit criminal activities. “Know Your Customer” (“KYC”) standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing. Effective KYC processes are the backbone of any successful compliance and risk management programme, and the demands of meeting KYC obligations are intensifying. KYC process enables AEON Credit to form a reasonable understanding of the true identity of its customers, their services needs and the associated risks.
OBJECTIVE OF THIS POLICY
KYC is the process of verifying the identity of customer. The objective of KYC guidelines is to prevent AEON Credit from being used, by criminal elements for money laundering activities. It enables us to understand our customers and their financial dealings or needs as to serve them better and also manage its risks prudently.
SCOPE
All customers who wish to apply for any products/a service in AEON Credit is required to undergo the (KYC) process which is regulated by the Bank Negara Malaysia (BNM) and any of the other’s related regulators. Applicant must pass both steps above in order to complete the verification process. The application that did not meet above requirements will be processed according to current assessment process.
Know Your Customer (KYC) divided into two:
a. Conventional Method
Face-to-face
Customer appears in person to AEON Credit personnel before the establishing a business relationship. In this occasion, the personnel may perform requesting, sighting and maintaining records of additional documents required for verifications purposes.
Contact verification
AEON Credit personnel may develop independent contact with the customer such as via phone for identity verification and other confirmation based on documents obtained from the customer.
b. Digital Method
Biometric Verification
Customer identification may verified by the implementation of biometric system. This may also consider as face-to-face KYC due to the customer may require bringing along his/her MyKad personally for customer identity verification. Biometric verification shall be conducted by front liner as well as the merchants.
e-KYC
Establish business relationships and conducting customer due diligence by way of electronic means, including online channel and mobile channel. The Group implement the e-KYC where customer shall use their mobile phone to perform KYC. e-KYC enables the Group to analyse, verify and authenticate customers’ identity using mobile and resulting in faster customer response times and a seamless digital experience for customers and to minimize contact verification process.
KYC PROFILE COMPLETION REQUIREMENTS
The KYC profile must be completed as part of the customer on boarding process before any business is transacted. Updates to the KYC profile may be required as part of On-going Due Diligence. This will include Periodic Reviews and KYC Refresh. Further, should the Client Owner learn of material changes (from internal or external sources) outside of the Periodic Review Cycle, the KYC profile must be updated to reflect the change, with all necessary approvals obtained (if required).
Examples of material changes impacting a KYC Profile include:
- Appointment of an individual customer to public office;
- Introduction of a sanctioned country in the customer’s jurisdiction profile;
- Reputation deterioration or identification of material Adverse Media or information gathering;
- Change in ownership structure or line of business;
- Changes in sources of wealth;
- Increase in affluence;
- The final decision to on-board a customer is the responsibility of the AEON Credit.
KYC RECORD RETENTION
AEON Credit shall retain and keep all due diligence documentation for at least seven (7) years. In situations where the records are subjected to on-going investigation or prosecution in court by any enforcement agency, the Group shall retain the records beyond the stipulated retention period until the records are no longer required.
FAILURE TO PROVIDE KYC
AEON Credit is entitled to refuse to open an account or discontinue an existing relationship if there is failure to meet the minimum KYC requirements. However, there is flexibility provided to certain categories of customer who are unable to provide the necessary document at the time of account opening.
