Our commitment to preventing financial crime.
U2 Wallet holds itself to strict anti-money laundering (AML) and counter-terrorist financing (CTF) standards. Read more about us and our compliance commitment. This policy lays out what we do to detect, prevent, and report financial crime on the platform.
The the e-wallet platform follows the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), Bank Negara Malaysia (BNM) guidelines, and international AML standards.
the service verifies every user's identity during registration. see how it works. That means checking your full legal name, date of birth, address, government ID, and phone number. High-risk accounts or transactions above set thresholds go through enhanced due diligence (EDD).
The the e-wallet platform uses automated transaction monitoring (detailed in the Security Centre) to watch all account activity in real time. It flags transactions that are unusually large, do not fit the user's profile, touch high-risk jurisdictions or unusual supported currencies conversions, look like layering or structuring, or come in rapid bursts without a clear reason.
When suspicious activity is identified, the platform files Suspicious Transaction Reports (STRs) with the relevant authorities in accordance with Malaysian law. Users whose accounts are flagged may be subject to additional verification requirements or temporary account restrictions as permitted under our terms of service while investigations are conducted.
Under regulatory requirements, the service keeps records of customer identification documents, transaction records (governed by our privacy policy), and investigation findings for at least six years from the transaction date or account closure, whichever comes later.
Our staff and contractors go through regular AML/CTF training matched to their role, covering suspicious activity identification, reporting steps, and regulatory updates.
A dedicated Compliance Officer oversees this AML policy, works with regulators, and makes sure the platform stays compliant with all applicable laws.
For questions about this AML policy, contact our Compliance team at [email protected] or visit the contact page.
U2