The Challenge of Customer Due Diligence to Financial Inclusion of Rural Communities in Malaysia

DOI

10.2991/978-2-494069-59-6_13How to use a DOI?

Keywords

Anti-money laundering; customer due diligence; financial exclusion

Abstract

This article critically examines the inter-relations between customer due diligence and financial exclusion. It focuses on the rural communities in Malaysia and their challenge to access basic banking services. The analysis subsequently discovered that a major factor leading to financial exclusion of this group is Malaysia’s customer due diligence policies arising from anti-money laundering and countering of terrorist financing regulations. This article seeks to analyse the CDD in Malaysia and the challenges it creates that impedes the rural communities from gaining basic banking access in the country. Subsequently, the article also suggests several recommendations to address the issue.

Copyright

© 2022 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

TY  - CONF
AU  - Eliya Hamizah Halim
PY  - 2022
DA  - 2022/12/22
TI  - The Challenge of Customer Due Diligence to Financial Inclusion of Rural Communities in Malaysia
BT  - Proceedings of the International Conference on Law and Digitalization (ICLD 2022)
PB  - Atlantis Press
SP  - 139
EP  - 150
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-494069-59-6_13
DO  - 10.2991/978-2-494069-59-6_13
ID  - Halim2022
ER  -