Verity journal

For the month of January, we’ve explored the three new areas that financial institutions need to look into to comply with Bank Negara Malaysia’s new policies, which are:

• The Fit & Proper Criteria
• The Anti-Money Laundering and Counter-Terrorism Financing Framework
• Employee Screening Exposure  

A major challenge for financial institutions this year is to adopt processes that will help ensure compliance – for the long term. For the most part, a company’s integrity is strongly influenced by its staff, thus, ensuring that you have the right personnel is key.

Be it a CEO or a junior executive, screening before employment, as well as during employment will greatly aid in weeding out problematic employees and to address problems that may arise due to an employee’s financial or personal situation. Some organisations may decide to help its employees once they have identified the problems they are dealing with, thereby, creating a culture that is built on trust. A corporate culture built on trust and the willingness to assist employees would greatly boost the morale of the organisation.

So, how can Verity Intelligence help to comply with Bank Negara Malaysia’s new requirements?

Well, for starters, Verity Intelligence has extensive experience and is familiar with Bank Negara’s requirements as we have worked with an estimated total of 600 companies, more than 60 of which are financial institutions to help ensure their hiring process complies with our national laws and policies.

Verity Intelligence has done exhaustive research and have written reports that meets Bank Negara Malaysia’s Employee Screening requirement, thereby, having a comprehensive view of its new regulations.

Verity Intelligence also employs systems and processes to meet Bank Negara’s policy requirements and have the experience in assisting our customers during BNM audits, PDPA audits and Information Technology/Information System Security audits.

For financial institutions, credibility and integrity are crucial in ensuring the trust of your customers. Do you believe your financial institution is doing enough to maintain its credibility and integrity? Perhaps this is a concern you should be addressing! Visit www.verityintel.com to learn more.