Malaysia issues remittance e-KYC standards

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On 5 September 2017, the assistant governor of the Central Bank of Malaysia (BNM) announced that the bank would issue regulatory parameters for the conduct of electronic know your customer (e-KYC) processes for remittance transactions.

On 30 November 2017, BNM has issued a supplementary document to the policy document on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT). This would apply to remittance service providers licensed under the Money Services Business Act 2011, which carries on remittance business through online or mobile channels.

As part of the previous AML/CFT framework, and under the existing policy document, remittance service providers must not undertake any transaction without face-to-face contact with the customer, unless the business relationship with the customer has been first established and customer due diligence measures have been conducted.

As the supplementary document has been implemented, face-to-face verification for onboarding new customers will be dispensed for remittance service providers that have received approval to conduct e-KYC procedures.

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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by emailing Danian Zhang at danian.zhang@bakermckenzie.com.

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