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.
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.
