Merchant Onboarding Executive

The Merchant Onboarding is responsible for overseeing the end-to-end merchant onboarding process, ensuring that all merchant applications undergo proper KYC and KYB reviews before approval and activation.

The role is responsible for supervising the Merchant Onboarding team, ensuring compliance with internal policies, regulatory requirements and established Service Level Agreements (SLAs).

He/she is also responsible for overseeing ongoing due diligence (ODD), periodic merchant reviews and Enhanced Due Diligence (EDD) for merchants identified as higher risk, ensuring that merchant information remains accurate, up to date and aligned with applicable regulatory and compliance requirements.

Merchant Onboarding & KYC/KYB Review

Lead and supervise the Merchant Onboarding team in conducting KYC and KYB reviews for new merchant applications.
Ensure merchant applications are properly assessed and verified before onboarding and activation.
Oversee verification of merchant registration details, business activities, ownership structures, directors, shareholders, beneficial owners and authorised representatives, as applicable.
Ensure the completeness, accuracy and validity of merchant documentation in accordance with internal onboarding policies.
Review merchants' nature of business to identify prohibited, restricted or high-risk business activities.
Ensure all required screening and verification checks are completed before merchant approval.
Review and escalate applications involving discrepancies, suspicious information or potential compliance concerns.
Ensure merchant onboarding decisions are properly documented with clear supporting justifications and approval records.

Ongoing Due Diligence (ODD) & Periodic Reviews

Oversee ongoing due diligence activities for existing merchants in accordance with internal policies and risk-based review requirements.
Ensure periodic reviews are conducted to verify that merchant information, business activities and supporting documentation remain accurate and up to date.
Monitor changes in merchant profiles, including ownership, business activities, authorised representatives and other relevant KYC information.
Coordinate with relevant teams to identify merchants requiring reassessment due to changes in business activities, risk indicators or compliance requirements.
Ensure identified deficiencies or outdated information are followed up and rectified within established timelines.
Monitor completion of periodic reviews and escalate overdue or unresolved cases to management.
Maintain proper documentation and audit trails for ongoing due diligence activities.

Enhanced Due Diligence (EDD) & High-Risk Merchant Review

Oversee EDD assessments for merchants identified as high risk based on applicable internal policies and regulatory requirements.
Ensure EDD is conducted for merchants involving high-risk industries, Politically Exposed Persons (PEPs), high-risk jurisdictions or other applicable risk indicators.
Review additional supporting documents and information required to establish the legitimacy of merchants and their business activities.
Ensure relevant enhanced verification measures are completed before onboarding or continuation of business relationships, as applicable.
Review and assess EDD findings, including identified risks, mitigating factors and supporting justifications.
Escalate high-risk cases to Compliance or the designated approving authority where required.
Ensure EDD cases receive the necessary approvals in accordance with the established approval matrix.
Monitor outstanding EDD cases and ensure timely completion, proper documentation and follow-up.
Coordinate with Compliance on updates to high-risk industry requirements, screening criteria and due diligence procedures.

Compliance, Screening & Risk Controls

Ensure merchant onboarding processes comply with applicable Bank Negara Malaysia (BNM), PayNet and internal regulatory requirements.
Oversee screening against applicable sanctions lists, watchlists, PEP lists, fraud databases and other relevant screening sources.
Ensure screening matches, alerts and potential adverse findings are reviewed and escalated in accordance with established procedures.
Ensure prohibited or restricted merchants are not onboarded unless expressly permitted under applicable requirements and internal policies.
Work closely with Compliance to address KYC/KYB gaps, onboarding risks and regulatory concerns.
Support the implementation of updated compliance requirements, internal controls and due diligence procedures.
Ensure proper recordkeeping and documentation to support internal audits, external audits and regulatory reviews.

Team Management & Operational Performance

Lead, supervise and provide guidance to the Merchant Onboarding team.
Plan daily workload distribution and manage team resources to ensure timely processing of merchant applications.
Monitor onboarding turnaround times, processing productivity, application backlogs and SLA compliance.
Review complex or exceptional merchant applications and provide guidance on appropriate handling.
Ensure consistent application of onboarding requirements and due diligence standards across the team.

Stakeholder Coordination & Escalation

Act as the primary escalation point for complex merchant onboarding cases and due diligence matters.
Coordinate with Business Development, Compliance, Risk, Fraud Operations, Technology and other relevant departments to resolve onboarding issues
Provide clarification to internal stakeholders on merchant documentation requirements, application deficiencies and onboarding procedures
Escalate significant compliance concerns, suspicious findings or unresolved issues to the relevant approving authority.

Process Improvement & Reporting

Identify opportunities to improve merchant onboarding efficiency without compromising compliance and internal control standards.
Support the development, review and enhancement of onboarding SOPs, KYC/KYB checklists and due diligence workflows.
Monitor key operational indicators, including application volumes, processing turnaround times, rejection trends, ODD completion and EDD cases.
Prepare regular management reports highlighting operational performance, outstanding reviews, compliance concerns and improvement initiatives.
Work with Technology and relevant stakeholders to improve system-driven controls, screening processes, automated alerts and due diligence tracking.