Security & Compliances

Security

Our online remittance transactions uses secure SSL (Secure Socket Layer) connections (256 bit encryption), ensuring the security of your remittance transaction data. Your confidential information are automatically encrypted before being sent across the browser. All our server and our partner’s server are heavily guarded both physically and electronically.

We have also deployed Firewalls and Advanced Security measures to ensure no unauthorized access into our remittance system via the internet. Additional measures such as strong password management, SMS login tac, and a detailed audit trail are in place to ensure the security and protection of data.

Compliance

SMJ always takes cognizance of latest developments in respect of illegal activities such as money laundering and financing of terrorism and enhances its operations and processes to keep pace and to be in line with best global security and surveillance standards. We have developed a comprehensive compliance and anti-money laundering program that is used throughout our network to ensure full compliance with all relevant rules and regulation. We have established adequate procedures of customer due diligence, reporting, record keeping, internal control, risk management and communication to forestall and prevent activities related to money laundering.

We implement and maintain appropriate measures to conduct customer identification.
We have a system that documents and verifies client identification records, and tracks and maintains detailed records of all transactions.
Our systems control, detects, monitor, investigate and reports suspicious transactions.
We request the customers about the services and nature of business that the customer expects to conduct to avoid suspicious and illegal transactions.
We organize regular training programmes for our staff regarding the Know Your Customer policies and anti-money laundering awareness.

We make considerable investments in this process and ensure continuous training of our staffs in this area.
Full details of remitter/customer (name, address, passport no) are disclosed on remittances.
We maintain all the appropriate records for the period of at least seven years.
We periodically conduct independent internal audits to evaluate the effectiveness of the company’s anti-money laundering policies and procedures.

AML/CFT Compliance

SMJ Teratai operates in strict compliance with the Anti Money Laundering and Counter Financing of Terrorism Acts (AML/CFT) as stipulated by Bank Negara Malaysia. The company is committed to a high standard of AML/CFT compliance and has established this as a key operating priority.

Accordingly, SMJ Teratai has developed a comprehensive AML/CFT program which complies with the requirements of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA 2001), Financial Action Task Force (FATF) Recommendations as well as international best practices. Employees are trained and certified in the aforementioned compliance measures to ensure that all transactions are completed securely, effectively and within the regulatory guidelines. SMJ Teratai cooperates fully with the relevant enforcement agencies and authorities both local and international with regards to combating money laundering and the financing of terrorism.

Corporate & Governance

SMJ Teratai is the leading Money Services Business operating in East Malaysia and because of this, our business and operations have a significant impact on the lives of countless individuals both within the country and throughout the world. The Board of Directors at SMJ Teratai strongly believe that effective Corporate Governance is a crucial component in ensuring the creation of value for shareholders and long term sustainability of the business. The adoption of sound Corporate Governance standards and practices enables SMJ Teratai to be managed appropriately and operated successfully in today’s fast changing and globalized economy.

Although SMJ Teratai is at this stage still not a listed company, SMJ Teratai is committed to complying with the principles and best practices indicated by Bank Negara Malaysia and the Malaysian Code of Corporate Governance 2012 (MCCG 2012), because it believes that good Corporate Governance is beneficial regardless of a company’s status and will enable a smoother transition for its planned listing in the near future.