Malaysia: Central Bank Consults on Proposed Anti-Money Laundering Requirements and Standards for Money Service Businesses

On August 9, 2019, Bank Negara Malaysia (BNM) issued an exposure draft titled “Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Money Services Business (Sector 3) (Supplementary Document No. 2)”, which proposes a set of minimum requirements to be observed by money service operators licensed by the bank.

In particular, the requirements and standards aim to regulate the process of client on-boarding through online or mobile channels (e-KYC) without face-to-face verifications, to ensure that even in these cases rigorous AML/CFT systems and controls are implemented.

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial