Knowledgebase : Frequently Asked Questions (FAQ)
Know Your Customer (KYC) Process
Posted by Administrator on 20 February 2018 05:50 pm

All customers who wish to apply for any products/services with Pinkexc will be required to undergo the “Know Your Customer" (KYC) process which is required by Bank Negara Malaysia and relevant regulatory bodies or authorities. In deterrence of being in facilitation of an unlawful activities such as Money Laundering and Terrorism Financing, Pinkexc is accountable in knowing and understanding their customers, and also responsible in mitigating the associated risks of Pinkexc unknowingly involved with an unlawful or criminal activity.

Through our KYC processes we have built a framework which will help us to get to know you our customer better, and at the same time have the understanding towards building a sustainable relationship and also help to protect you against the potential risks of financial crime. 

This FAQs has been produced to help you understand the level of details we require during KYC process.


  1. What is KYC and what  does this mean for you?

When a user initially approach us to register an account or establish new relationship, we will request specific documentation to enable us to identify, verify and maintain records regarding the individual users, and if it is a business entity, we would like to know the company’s structure and the key personnel who control and own it; this process is known as KYC. 

As part of this process, we will also want to understand specific details about you, our users as to ensure sufficient information is obtained such as individual occupation/ nationality, company’s nature of business, countries that the individual/company deal/trade in, etc. It is how we develop a good understanding of our customer and which will helps us in building better partnership based relationship.


  1. Why do I need to know about KYC?

It helps Pinkexc to understand your financial dealings in order to be able to serve you better while prudently manage your risks.


  1. Is KYC mandatory to me?

Yes, it is mandatory and is a regulatory requirement in accordance to BNM (Malaysian Central Bank) guidelines on AML/CFT.


  1. When KYC is  to  be carried out? 

KYC is carried out at the following stages:-

    1. On Boarding stages – registration of new customer
    2. Throughout the business relationship (for existing customer) after the customers have been on- boarded, whenever there are changes to the conduct of  your  account,  i.e. for fiat withdrawal, increase in daily withdrawal limits and applying for accompanying products and services.
    3. Whenever there is a suspected suspicious transaction/ activity being requested.

KYC will also be carried out in respect of non-account holders (walk-in customer) approaching Pinkexc for high value over the counter one-off transactions.


  1. What are the processes involved during KYC?

During the KYC process, your identity or legality will be verified via the documents and information provided. For example, if you are an individual, documents such as your Identity Card (“IC"), passport and etc., are required to be provided as proof of identity. As for non-individuals such as companies or partnership, your latest Form 24, Form 49, Letter of Authority, Director’s Resolution, etc. are required as proof of identity.


  1. Why do Pinkexc require Proof of Identity?

Pinkexc require “proof of identity" as a part of KYC requirement to authenticate the identity of the customer. This can also prevent the risk of identity theft.


  1. For  a  company,  why  Pinkexc  need  to  request  information  on  Beneficial  Owner  (BO) i.e. Directors / shareholders?

It is part of KYC requirements that Pinkexc need to understand the control and ownership structure of the company. The identity of the BO must be verified on the basis of the document, data or information obtained. The obligation to verify the identity of the BO is for Pinkexc to apply risk based approach in determining the adequacy of measures such that Pinkexc is satisfied that it knows who the BO is.


  1. What additional information on the customer and beneficial owner is requested?

Some additional information such as sources of funds and sources of wealth may be required to ensure the customer account and transaction is in line with the profile of customer. This is to prevent financial crime risk.


  1. What is enhanced KYC?

Based on customer risk profiling assessment, enhanced KYC is an additional information/ documents collected for higher withdrawal limits, unlimited transaction setting and/or higher-risk users to provide a deeper understanding of customer activity to mitigate associated risks, if any.


  1. What will happen if I do not provide the required KYC information or documents to Pinkexc?

All required KYC information and documents are necessary for the Pinkexc to conduct a proper due diligence.

Pinkexc has the right to not verified a newly registered account (if you are a prospective customer) or unverified an account/ discontinue relationship (via account closure and details blacklisting) with you (if you are an existing customer) and freezing the withdrawals from the associated accounts if the due diligence process is not complete.


  1. How do I know  what information/documents are required for  me?

To know more on the information/documents required, kindly visit our Pinkexc website and search for the FAQs in our support page or alternatively you can call us up or raise a support ticket asking us on the KYC requirement.


  1. Why do I receive emails from Pinkexc from time to time inquiring on my account?

There may be inquiries from time to time as we undertake ongoing due diligence on our account holders.

We may ask you for more information if we feel we do not have sufficient and/or we need an updated information from the information which you may have previously provided in your registration and verification process.


  1. How can I be sure that my confidential data will not be misused? 

The KYC information/documents provided by you will be treated in a confidential manner and can only be used for regulatory purposes if necessary. Your personal data is protected under the Personal Data Protection Act 2010 issued by BNM.


  1. If I do have any inquiries on KYC, whom should I contact?

You can seek the assistance of our support team via email, phone or walk in, and all your KYC questions and/or related inquiries will be addresses. Alternatively, you may contact our support via raising a ticket in our support pages at any time, any day (That includes holidays.) or send us a message via Facebook Messenger applications and also Telegram.