Ready access to a reliable source of up-to-date data on potential customers, partners or other stakeholders is a must if companies are to protect themselves from risk of possible criminal and fraudulent activities.
This process just became a whole lot easier with a new online KYC [Know Your Customer] service made possible by CRIF Omesti. Using information integrated directly from the SSM [Suruhanjaya Syarikat Malaysia or Companies Commission of Malaysia] database, it is only the second such digital service available in the South-East Asia region after Singapore.
CRIF Omesti CEO Chrystal Saw Tei Lian [pictured above] says,
“Until now, obtaining verified, up-to-date information about companies within the ASEAN region has been largely a manual and very time-consuming process. With this new online tool, verified data from the original source, in this instance SSM, can be obtained on Malaysian company ownership, structure and any international associations held.”
This is an important step in improving corporate due diligence and paving the way for better transparency in cross-border business dealings. Organisations can also protect their brand reputation, avoiding relationships with entities with an unclear or unknown company structure, while limiting their exposure to risk.
"We help our clients to perform AML compliance checks and KYC to unravel the background of their counterparts and business partners around the world. Through our SkyMinder KYC reports and our other services, our clients can protect their business from potential involvement in criminal or suspected illicit activities,”
she adds. Information on companies in more than 190 countries is also available via the extensive international CRIF network.
The KYC Report is a vital tool for business owners, financial institutions, potential investors and others to obtain comprehensive and up-to-date information in a timely manner. KYC Reports provide a company identity check, verifying its existence, its current status together with analysis on shareholder structure, details of any investigation being carried out, and identification of the local Beneficial Owner. The new KYC Reports for Malaysia are available with full online coverage via CRIF’s digital information service SkyMinder and include information about current managers and shareholders together with five years of balance sheets.
CRIF Omesti is a Registered Credit Reporting Agency of Malaysia and is a partnership between data solutions specialists CRIF and technology solutions provider OMESTI.
About CRIF Group
CRIF is a global company specialising in credit bureau and business information, and credit solutions. Established in 1988 in Bologna (Italy), CRIF operates over four continents. CRIF is currently the leader in continental Europe in the field of banking credit information and one of the main operators on a global level in the field of integrated services for business & commercial information and credit & marketing management.
Today over 10,500 banks and financial institutions, 82,000 business clients and 1,000,000 consumers use CRIF services in over 50 countries on a daily basis. For the sixth consecutive year, CRIF has been included in the prestigious IDC FinTech Rankings Top 100, classified in 50th place on an international level and at the top of Italian companies. Through the authorisation obtained by CRIF RealTime Ireland in 2019, CRIF completed its coverage as an AISP in 31 European countries where the revised Payment Services Directive is applicable. For more information: www.crif.com.my