RHB Banking Group Selects World-Check to Strengthen its Internal 'Know Your Customer' Processes

Share Article

The RHB Banking Group, one of Malaysia's largest integrated financial establishments today announced that it has chosen World-Check as its risk intelligence provider. RHB is the first local banking group to use this system in Malaysia.

The RHB Banking Group, one of Malaysia's largest integrated financial establishments today announced that it has chosen World-Check as its risk intelligence provider. World-Check's risk screening data will enhance the Banking Group's Know Your Customer due diligence processes and help enhance the internal Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) controls and systems. RHB is the first local banking group to use this system in Malaysia.

"RHB is committed to subscribing to the most widely accepted measures and international best practices aimed at eliminating the abuse of the formal financial system for criminal activities" said Michael J Barrett, Group Managing Director of the RHB Banking Group. "We are confident that World-Check's real-time database will assist us in managing the compliance risk where our front liners and operating units are able to efficiently screen customers and transactions for potential risk and suspicious activity".

"World-Check's strategically located research teams are able to update profiles on a 24/7 basis, providing quick and easy access to crucial intelligence needed to verify the identity and status of individuals, groups and companies across the globe" said Daniel Peak, Chief Executive Officer of World-Check. "We are proud to assist RHB Banking Group in mitigating the reputational, regulatory and financial risks that certain individuals and businesses may pose to the organisation".

ABOUT THE RHB BANKING GROUP

The RHB Banking Group is the fourth largest fully integrated financial products and services group in Malaysia. The Group's core businesses are streamlined into four Strategic Business Units (SBUs): Retail Banking, Corporate Investment Banking, Islamic Banking and International Banking.

1. Retail Banking
This SBU serves the needs of retail customers and small businesses. Its forte is "packaged" products, i.e. Insurance, Wealth Management, Hire Purchase, Cards and Unsecured Loans and Secured Loans such as mortgages for individuals and SME loans for small and medium size enterprises.

2. Corporate & Investment Banking (CIB)
The CIB Strategic Business Unit offers the full range of corporate and investment banking products and services, serving mostly the middle market and large enterprises across selected industries.

3. Islamic Banking
For both Muslim and non-Muslim retail and enterprise clients who prefer the unique characteristics offered by Shariah compliant financial products and services, RHB offers a wide range of products through its Islamic Banking SBU. These include business loans and investment banking services as well as retail products such as home loans and auto loans that are in compliance with Islamic principles.

4. International Banking
RHB Banking Group's offshore businesses, particularly its commercial banking operations in Singapore, Thailand, Brunei and its non-ringgit based funding operations in Labuan, are collectively grouped under this SBU.

For more information, visit http://www.rhb.com.my

ABOUT WORLD-CHECK

World-Check provides its global database of heightened-risk individuals and businesses to more than 3000 institutions in 162 countries, including 47 of the world's 50 largest banks and hundreds of government agencies. World-Check's database of known money launderers, financial criminals, terrorists, narcotics traffickers, shell banks and sanctioned entities is unparalleled in its depth, reliability and coverage. The risk-relevance of its Politically Exposed Person (PEP) coverage is also unsurpassed. World-Check's database is relied upon by institutions to enhance their Anti Money Laundering (AML) and Know Your Customer (KYC) screening, Enhanced Due Diligence (EDD), fraud prevention and Counter Terrorist Financing (CFT) systems by efficiently screening customers, associates, transactions and employees for potential risk. World-Check's intelligence also finds direct application in PEP risk screening processes. World-Check offers a downloadable data file for the automated screening of unlimited records, as well as a simple online service for instant entity screening. For more information please visit http://www.world-check.com

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Marion Willson
World-Check
0044 20 8099 7263
Email >