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Banking and Insurance Sector: Annual Screening in Compliance with AMLA Policy

Background Screening

Since the details of the 1MDB scandal were reported by the press in 2015, Malaysia’s finance industry has been placed under a relentless spotlight. In addition to this, high-profile money laundering cases driving headlines in Malaysia over the last few years has led Bank Negara Malaysia (BNM) to impose policies to increase anti-money laundering compliance, especially in its own institution, to rebuild trust with its customers.


Compliance and security


BNM has led the enforcement of the Anti-Money Laundering and Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFA or AMLA), which is the Malaysian federal law governing anti-money laundering and anti-terrorism funding. Section 19 of this Act places the onus of preventing such criminal activity on financial institutions, by enforcing preventative measures to reduce the risk among employees and customers alike. One way this is enforced is by requiring that banks and insurance companies conduct regular stringent checks for employee integrity on all employees from bank officers/insurance agents to the management level. Typically, this involves vetting through the candidates’:

  • Personal information
  • Criminal records
  • Employment history
  • Financial history


Recommended as an annual practice, applying these criteria through a screening process enables banks to achieve customer security effectively, at the same time in compliance with AMLA Policy.  Such detailed screening processes may appear to be difficult to implement on the outset, and may even raise concerns on privacy issues — but this is where Verity Intelligence comes in.


Simplifying processes without sacrificing peace of mind


By employing a background screening service like the one we provide, banks and insurance companies will be able to streamline this process more efficiently, and with the assurance of exhaustive results produced efficiently. Whatever information is required, our screening service promises confidentiality and compliance with the Personal Data Protection Act (PDPA). Only publicly and legally obtained information will be included in the screening system, and the process can be customised based on the objectives of the search.


When it comes to sensitive industries like banking and finance, there is no overstating the importance of ensuring the integrity and security of the workplace. Find out how Verity Intelligence can help banks and insurance companies improve through background checks by visiting


At Verity Intelligence, our entire process complies with the Malaysian Personal Data Protection Act as we are very serious about regulatory compliance and respecting the privacy of individuals. The information we obtain, screen or verify from is also publicly and legally available.

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