Brian Chia, Author at Connect On Tech

Brian Chia

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In Financial Institutions

The Malaysian Central Bank issues policy document for digital currencies

April 13, 2018 by Brian Chia 2 Mins Read

Bank Negara Malaysia (BNM) issued the policy document on Anti-Money Laundering and Counter Financing of Terrorism for Digital Currencies (Policy Document). The Policy Document was issued on 27 February 2018 following a public consultation process in 2017.Overview of the Policy DocumentUnder the Malaysian Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), a “reporting institution” (RI) includes any person who provides services of exchanging digital currency for money (and vice versa) or…

In FinTech

e-KYC standards issued by Central Bank of Malaysia

January 16, 2018 by Brian Chia 3 Mins Read

On 5 September 2017, the Assistant Governor of the Central Bank of Malaysia (BNM) announced that BNM will issue regulatory parameters for the conduct of electronic know-your-customer (e-KYC) processes for remittance transactions.Following the announcement, on 30 November 2017, BNM issued a supplementary document (Supplementary Document) which supplements the policy document on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) (Existing Policy Document). This will apply to remittance service providers licensed under the Money Services Business…