CumulusPro ID verification app helps International Remittance Business meets Anti-Money Laundering Activities Act (AMLA) compliance

Singapore, 20 November 2018 - CumulusPro is pleased to announce that one of the largest international money transfer companies has selected CumulusPro ID verification app as a digital transformation solution to meet local Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) compliance in Malaysia.

Malaysia has one of the largest outward remittance volume in South East Asia, with over 2 million migrants. With an annual outbound remittance amount totaling US$9 billion in 2016. In which 37% of the amount are performed by banks and 63% by non-banks. (Statistics presented by Central Bank of Malaysia in 20th Global Remittances Working Group Meeting ,Washington D.C., 20 April 2017).

Being one of the largest international money transfer companies in the world, the Remittance Company currently serves customers in 100 countries through more than 300,000 locations worldwide. In Malaysia alone, the company has more than 76 branches, and servicing more than 1000 customers daily. For every new customer, counter staff at the branches are required to go through tedious ID document validation procedure. This resulted in long customer waiting and servicing time, and loss of sales as customers can easily turn to other money transfer services in the highly competitive remittance market.

The Remittance Company has selected CumulusPro ID verification app to automate the KYC(Know-your-customer) process for the following reasons:

  • Quick and cost-effective deployment to all their branches
  • Minimise customer wait and service time, and decrease customer loss to competitors
  • Improve customer service experience and satisfaction leading to customer loyalty
  • Increase employees satisfaction and loyalty from lightened workload.
  • Increase employees productivity by removing mundane identity document validation tasks whilst focusing on better customer service
  • Decrease human error for data entry on Identity documents
  • Improved due diligence and risk mitigation process

“With the focus on anti-money laundering legislation from regulators coupled with businesses competitiveness, money-transfer businesses like the Remittance Company faces challenge to ensure customer do not have long waiting time, and strict KYC procedures are adhered.” said Adeline Tan, Sales Director, CumulusPro. “By using CumulusPro ID verification app in their branches , we have rapidly transform the manual process to a digital one in a relatively short time. The digital KYC validation procedure now automates the data extraction, personal identity document validation, and uploading the data into the back end server. By the time, the customer reaches the service counter, the documents are already validated! All the service employee needs to do is take the customer instructions.”

About CumulusPro

CumulusPro helps businesses to rapidly transform into digital enterprises by Connecting People, Process and Application. CumulusPro’s cloud-based Business Process Management (BPM) Platform, Straatos, is designed to revolutionise how organisations and public institutions digitally communicate and collaborate with their customers, citizens and partners. Digital enterprises typically improve their customer experience, increase customer’s satisfaction, business efficiency and productivity while reducing cost and time to market.

For further information, please contact:

Gillian Lim
Sr. Vice President, Marketing