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The Malaysian Central Bank issues policy document for digital currencies

by 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

by 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…

In Financial Institutions

Interoperable Credit Transfer Framework – Developments in Malaysia

by 3 Mins Read

On 7 December 2017, Bank Negara Malaysia (ie, the Central Bank of Malaysia) (BNM) issued an exposure draft of the Interoperable Credit Transfer Framework (Exposure Draft) to invite public and industry feedback on the proposed introduction of interoperable credit transfer services that leverage on a shared payment infrastructure in Malaysia. The Exposure Draft is part of BNM’s continuous efforts to migrate the nation towards the use of electronic payments. Through the proposed Interoperable Credit Transfer Framework…

In FinTech

The Central Bank of Malaysia issues FinTech Regulatory Sandbox Paper

by 3 Mins Read

On 18 October 2016, the Central Bank of Malaysia (“BNM”) issued the Financial Technology Regulatory Sandbox Framework (“Framework”), which sets out the requirements for participating in the regulatory sandbox (“Sandbox”). The Sandbox allows regulatory flexibilities to be granted to financial institutions and FinTech companies (“Applicants”) to experiment with FinTech solutions in a live controlled environment which is accompanied by the appropriate safeguards, for a limited period.The concept of a regulatory sandbox framework is not new…