Electronic Know-Your-Customer (e-KYC) Exposure Draft

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This exposure draft sets out the proposed requirements and guidance in implementing electronic Know-Your-Customer (e-KYC) solutions for the on-boarding of individuals to the financial sector. The proposals in this exposure draft seek to accommodate advancements in technology to facilitate secure and safe adoption of e-KYC solutions, while preserving integrity the of the financial system. Bank Negara Malaysia invites written feedback on the proposals in this exposure draft, including suggestions on areas to be clarified and alternative proposals that the Bank should consider. The written feedback should be supported with clear rationale, accompanying evidence or appropriate illustrations to facilitate an effective review of this exposure draft.

This document sets out the minimum requirements and standards that a
financial institution, as defined in paragraph 5.2, must observe in implementing
e-KYC for the on-boarding of individuals. The requirements outlined in this
policy document are aimed at-
(i) Enabling safe and secure application of e-KYC technology in the financial
sector;
(ii) Facilitating the Bank’s continued ability to carry out effective supervisory
oversight over financial institutions; and
(iii) Ensuring effective Anti-Money Laundering and Counter Financing of
Terrorism (AML/CFT) control measures.

2.1 This document is applicable to all financial institutions as defined in paragraph 5.2.

2.2 This policy document shall not apply to agent banking channels governed under the Agent Banking policy document dated 30 April 2015.

Document Details

Document Type: 
Document Topic: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Year of Document: 
2019
Date of Document: 
Monday, December 16, 2019
Document Authors: 
Bank Negara, Malaysia
Language (This Document): 
English

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