Bank Negara Malaysia issues policy document on Electronic Know-Your-Customer

30 May 2024

On 15 April 2024, Bank Negara Malaysia (“BNM”) issued a policy document titled “Electronic Know-Your-Customer” (“e-KYC”), which sets out the minimum requirements and standards that a financial institution must observe in implementing e-KYC for the on-boarding of individuals and legal persons. The requirements are aimed at enabling the safe and secure application of e-KYC technology in the financial sector and to facilitate the carrying out by BNM of effective supervisory oversight of financial institutions. They are also aimed at ensuring effective control measures for anti-money laundering, countering financing of terrorism, and countering proliferation financing.