Handshakes, Takaful Malaysia Am partner to advance data-driven compliance in Malaysia’s takaful sector 

• Partnership enhances risk visibility and UBO governance across the value chain
• MoU introduces continuous, data-driven compliance for Malaysia’s takaful sector

Syarikat Takaful Malaysia Am Berhad and Handshakes Technology (Malaysia) Sdn. Bhd. have entered into a Memorandum of Understanding (MoU) to deploy what is described as a first-of-its-kind continuous compliance solution in Malaysia’s takaful and insurance sector. The collaboration leverages data and technology to provide real-time risk visibility across the ecosystem.

As Malaysia intensifies enforcement of anti-money laundering and financial crime regulations, the partnership marks a shift from periodic, framework-led compliance towards continuous, data-driven oversight. The collaboration is aligned with Bank Negara Malaysia’s policies on Anti-Money Laundering, Countering Financing of Terrorism and Counter Proliferation Financing (AML/CFT/CPF) and Targeted Financial Sanctions (TFS) requirements.

“This partnership reflects a shared commitment to enhancing compliance capabilities through data and technology. By embedding real-time intelligence directly into day-to-day decision-making, we are enabling financial institutions to better identify and address risk as it emerges,” said Daryl Neo, CEO and co-founder, Handshakes Technology (Malaysia) Sdn. Bhd.

While Malaysia has established strong regulatory frameworks, financial institutions are under increasing pressure to demonstrate consistent, real-world execution.

Under the MoU, Takaful Malaysia Am has appointed Handshakes as its technology partner for Ultimate Beneficial Ownership (UBO) governance and risk intelligence, integrating corporate data into onboarding, due diligence and ongoing monitoring.

This provides clearer visibility into ownership structures, enables earlier identification of risk exposure, and supports more consistent, data-led decision-making across the customer lifecycle.

Handshakes will also extend access to its corporate intelligence platform, the Handshakes APP, to selected stakeholders within Takaful Malaysia Am’s network, including bancatakaful partners, takaful intermediaries, loss adjusters and claims solicitors.

This is designed to encourage wider adoption of corporate transparency, UBO insights and risk screening practices across the value chain.

As a global leader in Islamic finance, Malaysia faces increasing expectations around transparency, governance and risk management. In this context, the partnership signals a broader transition from manual, time-intensive compliance processes to integrated, technology-enabled risk management.

By combining UBO insights with corporate relationship mapping, the collaboration strengthens visibility into complex corporate structures—a key challenge in financial services.

“Strong governance and transparency are fundamental to sustaining trust in the takaful sector, underpinning our commitment to fairness, accountability and Shariah-aligned practices. This partnership is about strengthening how risk is understood, assessed and managed across the business,” said Mohamed Sabri Bin Ramli, CEO, Syarikat Takaful Malaysia Am Berhad.

“As expectations on governance continue to evolve, takaful operators require greater clarity, consistency and speed in decision-making and execution. This collaboration enables us to move forward with greater confidence and agility, while contributing to higher standards and reinforcing trust across the industry,” Sabri added.