FCC RegUpdate

On April 15, 2024, Bank Negara Malaysia established revised requirements and guidance for implementing electronic Know-Your-Customer (e-KYC) solutions for onboarding individuals and legal entities in the financial sector.

To know more: https://www.fcctimes.com/2024/04/15/bnms-updated-e-kyc-policy-advancing-financial-sector-technology/?utm_source=websiteText&utm_medium=FCCRegupdate22Apr24

This document outlines the minimum requirements and standards that financial institutions must adhere to when implementing e-KYC for onboarding individuals and legal entities.

The policy outlines the following requirements:

  • • The Board must establish and enforce policies and procedures to mitigate risks associated with e-KYC.
  • • Identification and verification of new customers through an e-KYC system include:
    • • Biometric Matching
    • • Liveness Detection
    • • Identity Document (ID) Verification
  • • Utilize artificial intelligence, machine learning, or other predictive algorithms for accurate identification and verification.