Maritime Expert Urges Shipping Agencies To Conduct Due Diligence

By N. Sevagamy

KUALA LUMPUR, Feb 5 (Bernama) -- A maritime expert has urged shipping agencies to conduct due diligence before engaging in business transactions to ensure the legitimacy of the deal.

Maritime Network Sdn Bhd chief executive officer Datuk Seri Jeyenderan Ramasamy said companies must verify the identities of customers, partners, and third-party intermediaries to mitigate the risk of unknowingly being involved in criminal activities, particularly financial fraud and money laundering.

He emphasised that even long-term business relationships should not be blindly trusted without verifying transaction details, including the identity of the remittance agent and the final payment source.

“All shipping agents must be vigilant on this issue as the funds will end up in their company account, and they hold responsibility for their actions.

“So, don’t trust blindly. By verifying the transaction process, a shipping agent can get a clear view of the dealings, and this approach is not only about protecting business interests but also about keeping the entire supply chain clean and lawful,” he told Bernama recently.

Jeyenderan, who has 30 years of experience in the maritime industry, also stressed that authorities must be informed of any suspicious transactions to enable law enforcement agencies to take action against individuals involved in financial crimes such as money laundering.

Sharing his own experience, he said he had nearly fallen victim to money laundering recently but managed to alert Bank Negara Malaysia (BNM) in time.

“The matter is now under BNM’s control. BNM is doing a good job in this matter. Maritime transport is the backbone of global trade and the global economy.

“Thus, operations must be conducted very carefully to avoid any conflicts,” he said.

-- BERNAMA