Following the introduction of e-KYC guidelines for remittance companies in 2017, Bank Negara Malaysia issued an exposure draft which expands similar e-KYC guidelines for money changers in Malaysia.
The draft outlines proposed mininum requirements and standards that a licensed money changer approved to implement e-KYC must observe in on-boarding customer.
The draft largely mirrors the earlier policy document but with some minor tweaks in requirements reflecting the nature of a money-changing business.
While the widening of e-KYC for the purposes of on-boarding customers is move that is welcome by all, the industry eagerly awaits for e-KYC to be applicable to across the financial services industry.
It is anticipated that an industry-wide e-KYC guideline would be made available prior to the issuance of the virtual banking framework scheduled for end of this year.
The full exposure draft can be found here and feedback must be submitted to Bank Negara Malaysia by 8th September 2019.
Image Credit: Wikimedia Commons