1. Introduction

Foodince Technology Sdn. Bhd. ("Foodince", "we", "our") is committed to maintaining the highest standards of compliance, integrity, and transparency in all business dealings. As a digital platform connecting F&B merchants with customers for surplus-food rescue and surprise bags, Foodince adopts strict Know Your Customer (KYC) and Anti-Money Laundering (AML) measures to prevent misuse of our platform for unlawful activities.

This Policy outlines the procedures and requirements applicable to all merchants onboarded onto the Foodince platform in Malaysia.

2. Purpose of This Policy

The objectives of this Policy are:

• To comply with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) in Malaysia.
• To verify the identity, legitimacy, and business nature of all Foodince merchants.
• To prevent Foodince from being used for fraudulent, illegal, or high-risk transactions.
• To ensure continued trust, security, and transparency within the Foodince ecosystem.

3. Scope

This Policy applies to:

• All F&B merchants registering on the Foodince platform
• All directors, authorised representatives, and key persons of the merchant
• All Foodince employees involved in merchant review, verification, and monitoring
• Any third-party compliance or KYC partners engaged by Foodince

4. Merchant KYC Requirements

To onboard to Foodince, merchants must provide accurate, complete, and up-to-date information. Foodince reserves the right to reject or suspend any merchant who fails to comply.

4.1 Business Information Required

A. Company-Registered Merchants (Sdn. Bhd. / Partnership / LLP)

• Company Name
• Company Registration Number (SSM / LLP)
• Business Address & Outlet Address
• Nature of Business (Restaurant, Café, Bakery, Convenience Store, etc.)
• Company Phone Number & Email
• Bank Account Details (under same registered entity)

Required Documents:

• SSM Form 9 / 13 / 24 / 49 OR Section 14, 15, 17 documents
• Business License / Signboard License / Food Handling License
• Bank Statement (first page)
• Outlet photos (front, interior, kitchen if applicable)

B. Sole Proprietorship / Individual Merchants

• Full Name (as per IC)
• NRIC Number
• Business Name (if any)
• Phone Number & Email Address
• Bank Account (same IC holder)

Required Documents:

• NRIC (front & back)
• SSM Business Registration (if applicable)
• Basic business licence / premise licence
• Outlet photos

4.2 Information for Key Persons / Directors

• Name
• NRIC / Passport
• Contact Number
• Role (Director, Manager, PIC)

4.3 Verification Procedures

Foodince may conduct the following checks:

• Identity verification through NRIC / Passport
• Company registration verification via SSM e-Info
• Business licence verification (local authority)
• Physical outlet verification through images or onsite checks
• Bank account ownership verification
• Google Maps / Social Media / Website validation
• Additional documents if flagged as higher risk

5. Ongoing Merchant Monitoring

Foodince will monitor merchant accounts and activities for:

• Irregular or suspicious transaction patterns
• Sudden spikes in sales inconsistent with business nature
• Multiple refunds or chargebacks
• Consumer complaints relating to fraud or unsafe operations
• Use of third-party bank accounts
• Non-compliance with Foodince policies

Foodince reserves the right to freeze payouts, suspend, or terminate accounts where suspicious activity is detected.

6. Anti-Money Laundering (AML) Policy

Foodince Technology Sdn. Bhd. is fully committed to complying with Malaysian AML/CFT regulations and preventing its use for criminal activities.

6.1 Prohibited Activities

Merchants are strictly prohibited from engaging in:

• Money laundering
• Terrorism financing
• Use of Foodince for illegal payment flows
• Sales of illegal, counterfeit, or unlicensed goods
• Misrepresentation of food items or business ownership
• Structuring transactions to avoid reporting obligations

6.2 Due Diligence Measures

Foodince will apply:

A. Customer Due Diligence (CDD)

For all merchants during onboarding.

B. Enhanced Due Diligence (EDD)

For higher-risk cases, including:

• Cash-intensive businesses
• Unusual banking behaviour
• Non-standard business structures
• Mismatched documentation
• Negative news / criminal records

EDD may include:

• Additional documentation
• Interviews
• Financial review
• On-site inspection

6.3 Suspicious Activity Reporting

Foodince may report suspicious activities to relevant Malaysian authorities, including:

• Bank Negara Malaysia (BNM)
• Law enforcement agencies
• SSM (if false documents are used)

Reports may be made without notifying the merchant (as per AMLA compliance).

6.4 Restrictions & Enforcement

Foodince may enforce these actions immediately if AML red flags appear:

• Withhold settlements / payouts
• Freeze merchant account
• Suspend or terminate Foodince access
• Block listings or sales
• Report merchant to authorities

Foodince has full discretion to take necessary steps to comply with AML regulations.

7. Data Storage & Privacy

All KYC information is securely stored and used strictly for verification and compliance purposes. Foodince complies with:

• Personal Data Protection Act 2010 (PDPA)
• Malaysia AMLA guidelines

Merchant data will not be shared with third parties except for legal, compliance, or operational needs.

8. Merchant Responsibilities

Merchants must:

• Provide accurate and updated information at all times
• Inform Foodince of any changes to ownership, bank details, or licences
• Ensure that their Foodince account is not misused by unauthorised parties
• Comply with all Malaysian laws, Foodince Terms & Conditions, and AML guidelines

9. Policy Updates

Foodince reserves the right to amend this Policy when required to comply with Malaysian regulatory changes or to improve verification processes. Merchants will be notified through email, dashboard announcements, or updated documentation.

10. Contact Information

For KYC updates, clarifications, or compliance enquiries:

Foodince Technology Sdn. Bhd.

Email: support@foodince.com