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Customer Due Diligence, KYC & AML/CFT Policy

Effective Date: 1 June 2021
Last Updated: 15 December 2025

This Customer Due Diligence, Know-Your-Customer (“KYC”) and Anti-Money Laundering / Counter-Financing of Terrorism (“AML/CFT”) Policy (“Policy”) applies to all customers, clients and counterparties of Foundingbird Sdn Bhd (Company No. 1344544-U) (“Foundingbird”, “we”, “us” or “our”).

Foundingbird is a company secretary and accounting firm in Malaysia and acts as a reporting institution. We are required to comply with, among others:

  • Companies Act 2016
  • Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA)
  • Bank Negara Malaysia (BNM) AML/CFT rules and policy documents
  • FATF Recommendations
  • Guidelines and directives issued by SSM, MAICSA, BNM, and other relevant authorities

This Policy explains our customer acceptance criteria, KYC requirements, enhanced due diligence (“EDD”), sanctions and risk considerations, ongoing monitoring, refusal of service, and refund principles.

1. Customer Acceptance & Right to Refuse Service

Foundingbird reserves the absolute right, at any time and at its sole discretion, to:

  • decline onboarding a customer;
  • suspend or terminate an engagement;
  • refuse to act or continue acting as company secretary;
  • decline to submit filings or applications to SSM, banks, or other authorities;
  • reject transactions or instructions; or
  • require additional documentation or clarification,

where we are unable to satisfy legal, regulatory, compliance, or internal risk requirements.

Foundingbird is not obliged to provide reasons for refusal where disclosure is restricted by law or AML/CFT obligations.

2. Risk-Based Approach

Foundingbird adopts a risk-based approach as required by BNM and FATF. The level of due diligence, verification, and monitoring applied depends on the customer’s risk profile, including:

  • customer type and residency;
  • ownership and control structure;
  • nature of business activities;
  • jurisdictional exposure;
  • transaction behaviour; and
  • delivery channel (including non-face-to-face onboarding).

3. Potentially Higher-Risk Situations

The following are examples of higher-risk situations that may trigger EDD:

3.1 Customer Risk Factors

  • Non-resident customers.
  • Business relationships conducted in unusual circumstances (e.g. unexplained geographic distance).
  • Legal persons or arrangements used primarily as asset-holding vehicles.
  • Companies with nominee shareholders or bearer shares.
  • Cash-intensive businesses.
  • Ownership structures that appear excessively complex or opaque.

3.2 Country or Geographic Risk Factors

  • Countries with inadequate AML/CFT regimes.
  • Countries subject to international sanctions or embargoes.
  • Countries with high levels of corruption or organised crime.
  • Countries linked to terrorism financing or designated terrorist organisations.

3.3 Product, Service or Transaction Risk Factors

  • Non-face-to-face onboarding or relationships.
  • Anonymous or cash-based transactions.
  • Payments from unknown or unrelated third parties.
  • Bespoke or private structures.

4. Customer Due Diligence (CDD) Requirements

All customers, Malaysian or foreign, must comply with Foundingbird’s KYC requirements.

4.1 Certification of Documents

All documents must:

  • be certified as a true copy of the original;
  • bear the words “Certified True Copy”;
  • be signed and dated by the individual providing the document; and
  • be retained in our electronic KYC records.

Certification requirements for government-issued documents may vary depending on the issuing authority.

5. Individual Identification Documents

5.1 Malaysians / Malaysian Permanent Residents

  • NRIC (MyKad)

5.2 Foreigners

  • Passport (minimum 6 months validity)
  • Valid visa (minimum 6 months validity)

Passports are not accepted for Malaysians.

6. Proof of Residential Address

6.1 Utility Bills

  • Full page of the document must be provided.
  • Residential address must be clearly stated.
  • At least one bill must be in the individual’s name.
  • Malaysians: 1 month bill is sufficient.
  • Foreigners: 3–6 months bills required.

6.2 Tenancy Agreement or Sale & Purchase Agreement (SPA)

  • Must be in the individual’s name.
  • Preferred where utility bills are unavailable.
  • May be mandatory where EDD is required.

6.3 Office Address

  • Tenancy agreement or utility bill may be requested to verify correctness.
  • Office address verification is secondary to residential address verification.

7. Additional Documents

Foundingbird may request additional documents, including but not limited to:

  • letters from employers;
  • source of funds or source of wealth explanations;
  • corporate structure charts;
  • beneficial ownership declarations; and
  • any documents required to satisfy regulatory or risk concerns.

Failure to provide requested documents may result in refusal or termination of services.

8. Source of Funds & Source of Wealth

Foundingbird may require customers to declare and substantiate their source of funds and/or source of wealth, including but not limited to:

  • employment income;
  • business income;
  • dividends or investments;
  • sale of assets; or
  • inheritance.

Supporting documents may be required. Unsatisfactory explanations may result in refusal or termination of services.

9. Politically Exposed Persons (PEPs)

Customers who are Politically Exposed Persons (PEPs), or family members or close associates of PEPs, are subject to enhanced due diligence.

Foundingbird may:

  • require additional documentation;
  • obtain senior management approval; or
  • refuse or terminate services where risks cannot be adequately mitigated.

10. Sanctions, Watchlists & Adverse Media

Foundingbird conducts screening against applicable sanctions lists, watchlists, and adverse media sources, including those issued by:

  • the United Nations;
  • Bank Negara Malaysia; and
  • other credible international authorities.

Credible adverse media or reputational concerns may result in EDD, refusal, suspension, or termination of services. The absence of criminal conviction does not prevent Foundingbird from declining a customer on risk grounds.

11. Enhanced Due Diligence (EDD)

EDD may be conducted where:

  • the customer is from a high-risk or sanctioned jurisdiction;
  • documents are insufficient or inconsistent;
  • ownership or control cannot be clearly established; or
  • required by law or regulatory guidance.

EDD may include additional documentation, enhanced monitoring, senior management approval, or refusal to onboard or continue engagement.

12. Ongoing Monitoring & Periodic Review

Foundingbird conducts ongoing monitoring and periodic reviews of customer information.

Customers may be required to re-submit documents or updated information from time to time. Failure to comply may result in suspension or termination of services.

13. Ongoing Obligations & Updates

Customers must notify Foundingbird within fourteen (14) days of any changes to:

  • residential address;
  • passport;
  • visa;
  • employment pass; or
  • other relevant particulars.

Supporting documents must be provided. Failure to update information may constitute an offence under the Companies Act 2016 and may result in penalties or refusal to act as company secretary.

14. Refusal to Act as Company Secretary

Foundingbird reserves the right to refuse to be named or to continue acting as company secretary if:

  • residency cannot be established;
  • KYC or EDD requirements are not met; or
  • compliance obligations cannot be satisfied.

Such refusal may be declared to SSM where required.

15. Legal Declarations & Offences

Under Section 591 of the Companies Act 2016, it is an offence to make or authorise the making of a statement that is false or misleading. Upon conviction, a person may be liable to:

  • imprisonment of up to 10 years;
  • a fine of up to RM3,000,000; or
  • both.

Customers are responsible for the accuracy and truthfulness of all information provided.

16. Prohibition on Circumvention

Customers must not attempt to circumvent Foundingbird’s KYC, AML/CFT, or risk assessment processes, including through nominees, intermediaries, or misleading disclosures. Any such attempt may result in immediate termination and reporting to authorities.

17. Reporting Obligations & Cooperation with Authorities

Foundingbird is required to conduct monitoring, retain records, and report suspicious transactions in accordance with AMLA and BNM requirements. Cooperation with authorities may occur without prior notice where legally prohibited.

18. Refunds & Fees

Fees paid to Foundingbird:

  • are generally non-refundable once work has commenced;
  • may be partially refunded at Foundingbird’s discretion where services cannot proceed due to compliance reasons; and
  • will not be refunded where refusal or termination results from failure to meet KYC, AML, or legal requirements.

Government, regulatory, filing, and third-party fees are non-refundable.

19. Limitation of Liability

Foundingbird shall not be liable for any loss, delay, or damage arising from refusal, suspension, or termination of services due to compliance with legal, regulatory, or AML/CFT obligations.

20. Updates to This Policy

This Policy may be updated from time to time to reflect changes in law, regulations, FATF recommendations, or guidance from BNM, MAICSA, or SSM. The latest version will be published on our website.

21. Governing Law

This Policy is governed by the laws of Malaysia. Any disputes shall be subject to the exclusive jurisdiction of the Malaysian courts.

22. Contact

Foundingbird Sdn Bhd
7-2 Plaza Danau 2
Jalan 2/109F, Taman Danau Desa
58100 Kuala Lumpur, Malaysia

Email: hello@foundingbird.com