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Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Money Services Business (Sector 3) (Supplementary Document No. 2)

Release Date: 19 Sep 2019

Issuance Date:

19 September 2019

 

Effective Date:

19 September 2019

 

Summary:

This policy document provides for approved money changers licensed under the Money Services Business Act 2011 (MSBA) which offer money changing services via online channel or mobile channel to establish business relationships with customers by way of electronic means without face-to-face verifications, and sets out the minimum requirements and standards that an approved licensed money changer must observe in implementing e-KYC for the customer on-boarding process. This is to ensure effective and robust Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) control measures and systems for the provision of online and mobile money changing services.

 

Applicability:

MSBA

 

Section in Charge:

Policy, Communication & Industry Transformation

 

Issuing Department:

Money Services Business Regulation Department

 

See also:

Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Money Services Business (Sector 3) (Supplementary Document No. 2)

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