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

Release Date: 16 Dec 2019

Issuance Date
16 December 2019

Effective Date
N/A

Summary

This exposure draft sets out the proposed requirements and guidance in implementing e-KYC for the on-boarding of individuals to the financial sector. The requirements outlined in this proposal are aimed at -

  • Enabling safe and secure application of e-KYC technology in the financial sector;
  • Facilitating the Bank’s continued ability to carry out effective supervisory oversight over financial institutions; and
  • Ensuring effective Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) control measures.

Applicability

  1. Licensed banks
  2. Licensed investment banks
  3. Licensed Islamic banks
  4. Licensed life insurers
  5. Licensed family takaful operators
  6. Prescribed development financial institutions
  7. Licensed money-changing operators
  8. Licensed remittance service providers
  9. Approved non-bank issuers of designated payment instruments and designated Islamic payment instruments.

Section in Charge
Digital Finance Unit

Issuing Department
Financial Development and Innovation Department

See also: Electronic Know-Your-Customer (e-KYC) Exposure Draft

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