Bank Negara Malaysia Unveils New eKYC Guidelines Ahead of Its Virtual Banking Framework

Bank Negara Malaysia issued its coverage report on Digital Know-Your-Buyer (e-KYC) on Tuesday, which follows their previous publicity draft in December 2019. This new coverage is in impact straight away for all monetary establishments together with banks, insurers, remmitance corporations, cash changers and extra.

The coverage report goals to boost up and streamline practices of business gamers of their adoption of e-KYC generation, the net procedure of figuring out and verifying particular person shoppers.

We’ve up to now written widely about how e-KYC is a a very powerful piece of virtual banking puzzle and is the most important preamble to the digital banking framework which is expected to be launched in 2020.

e-KYC allows the virtual on-boarding of shoppers to happen anytime and anyplace. With the implementation of e-KYC, a majority of shoppers now not wish to seek advice from the bodily premises of a monetary carrier supplier to open an account. Along with greater buyer comfort, the virtual on-boarding of shoppers enabled through e-KYC additionally lowers value for each customers and suppliers. This may additionally assist build up festival within the monetary sector over the longer term.

The coverage paperwork state that monetary establishments would possibly depend on people to habits eKYC by way of video calls or utilise generation like AI, device finding out and predictive algorithms to regulate the method.

Of their media commentary, the central financial institution mentioned that the advent of that is in step with their effort to facilitate better virtual choices of monetary services and products. That is anticipated to pave the best way for better innovation within the monetary sector, together with end-to-end providing of virtual monetary services and products for purchasers.

The entire report may also be discovered right here.

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