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.

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