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Regulatory Compliance
Last Updated: December 2024
NSF LOAN is committed to operating within the legal framework of Malaysia.
This page outlines our compliance with relevant laws, regulations, and industry standards governing
money lending and financial services.
Licensed Money Lender
PDPA Compliant
AML Compliant
1. Regulatory Framework
NSF LOAN operates under the following Malaysian regulations:
- Moneylenders Act 1951 - Primary legislation governing
money lending activities in Malaysia
- Personal Data Protection Act 2010 (PDPA) - Protection of
personal data in commercial transactions
- Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Act 2001 - Prevention of money laundering and terrorism financing
- Consumer Protection Act 1999 - Protection of consumer
rights and fair trade practices
- Electronic Commerce Act 2006 - Regulations for electronic
transactions and contracts
- Financial Services Act 2013 - Framework for financial
services regulation
2. Licensing & Authorization
Our Licenses
- Money Lender License: Issued by the Ministry of Local Government Development (KPKT)
- License Validity: Renewed annually as per regulatory requirements
- Operating Area: Nationwide (Peninsular Malaysia, Sabah, and Sarawak)
3. Data Protection Compliance
In compliance with the Personal Data Protection Act 2010 (PDPA), we:
- Obtain explicit consent before collecting personal data
- Provide clear notice about data collection purposes
- Implement robust security measures to protect data
- Allow users to access, correct, and request deletion of their data
- Retain data only as long as necessary for legal and business purposes
- Ensure proper safeguards for any cross-border data transfers
4. Anti-Money Laundering (AML) Compliance
Our AML program includes:
- Customer Due Diligence (CDD): Thorough KYC verification for all
users
- Transaction Monitoring: Continuous monitoring for suspicious
activities
- Suspicious Transaction Reporting: Reporting to Bank Negara
Malaysia as required
- Staff Training: Regular AML training for all employees
- Record Keeping: Maintaining transaction records for required
periods
5. Interest Rate Compliance
We adhere to the interest rate caps set by Malaysian law:
- Maximum interest rates comply with Moneylenders Act 1951 guidelines
- All fees and charges are transparently disclosed before loan approval
- No hidden fees or undisclosed charges
6. Consumer Protection
We are committed to fair lending practices:
- Clear and understandable loan terms and conditions
- Cooling-off period for borrowers to review terms
- Accessible grievance redressal mechanism
- No coercive collection practices
- Responsible lending assessments before loan approval
7. Cybersecurity Standards
Our digital platform adheres to industry security standards:
- 256-bit SSL/TLS encryption for all communications
- Firebase security rules for database access control
- Multi-factor authentication options
- Regular security audits and vulnerability assessments
- Incident response procedures for data breaches
8. Audit & Reporting
- Annual audits by external auditors
- Regular reporting to regulatory authorities
- Internal compliance reviews and assessments
- Comprehensive documentation of all lending activities
9. Complaint & Escalation Process
If you believe we have violated any regulations:
- Step 1: Contact our Customer Service via app, email, or
phone
- Step 2: If unresolved in 14 days, escalate to our Compliance
Officer
- Step 3: External escalation to:
- Ministry of Local Government Development (KPKT)
- Personal Data Protection Department (for data issues)
- Bank Negara Malaysia (for financial matters)
10. Continuous Improvement
We continuously update our compliance practices to:
- Reflect changes in regulatory requirements
- Adopt industry best practices
- Implement new security technologies
- Respond to customer and regulatory feedback