The Regulatory Imperative: Why BNM is Raising the Bar
Bank Negara Malaysia (BNM) is strengthening transparency requirements around Ultimate Beneficial Ownership (UBO), making it a core control for insurance and takaful operators rather than a box-ticking exercise, with the aim of mitigating financial crime risks; while the directive itself is clear—establish an auditable view of who ultimately owns and controls legal entities—the real challenge lies in executing this consistently across onboarding, claims, and the wider policy lifecycle.
Requirement for Insurance & Takaful Operators
For transparency on the true ownership and control of legal entities – to prevent misuse for money laundering or terrorism financin
Mandatory UBO Screening for All Policyholders
During Onboarding, Claims Payout, Endorsement Refund.
Latest Information Expected in T+1 Days
Collection of data is ideally the next business day.
Maintain UBO Records for
Compliance Audits
Ownership Test: Shareholders with >25% effective equity
Control Test: Entities with decision-making authority or financial influence
Workflows Today: Manual Checks
Workflows Tomorrow: Automation
Handshakes UBO Solutions
Lower Cost, Save Time, Stay Compliant
Handshakes APP
Self-service Desktop App for instant case by case investigation, UBO visualisation, RED List flags.
Handshakes XPERT
Speak to our team if you require customised report formats.
Handshakes API
Connect your system for automated Real Time or Batch API Integration.
S&P Capital IQ
S&P Capital IQ empowers you to drive business growth, identify new opportunities with greater confidence, and stay ahead of the competition.
