Bank Negara Malaysia is seeking feedback on the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Money Services Business (Sector 3) (Supplementary Document No 2)
(“S.D. No 2”), issued on 9 August 2019.
S.D. No 2 applies to reporting institutions which are licensed under the Money Services Business Act 2011 to carry on money changing business through online channel or mobile channel that use electronic Know Your Customer (“e-KYC”) for on-boarding of customers (“Relevant RI”).
The initiative under S.D. No 2 follows on from e-KYC procedures that were introduced in 2017 for remittance business under the Money Services Business Act 2011.
S.D. No 2 sets out the minimum requirements that must be complied with by a Relevant RI seeking to implement e-KYC. S.D. No 2 also requires a Relevant RI to obtain the prior written approval of Bank Negara Malaysia to implement e-KYC.
S.D. No 2 will supersede paragraph 18 of the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Money Services Business (Sector 3) policy document insofar as it applies to a Relevant RI.
The deadline for submission of feedback is 8 September 2019.