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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 FinTech

Using Blockchain Technology in Trade Finance

by 4 Mins Read

The history of trade financing is twinned with the history of fraud and forgery in commerce. In 2014 for example, Standard Chartered Plc reportedly wrote down US $193 million after a Chinese-based metal-trading company allegedly pledged commodities multiple times as collateral for loans. Blockchain technology is vaunted as the new hope to weed out fraud in trade financing. What is blockchain?Simply put, a blockchain acts as a record ledger shared and accessible by various participants. Instead…

In FinTech

“Modelo Perú”: An Innovative Project For Financial Inclusion

by 3 Mins Read

In recent years, many Latin American countries have issued regulations that promote the financial inclusion of citizens who do not have access to the financial system. However, each country has adopted a different approach.LatAm approaches to promoting financial inclusionBy way of example, Chile has promoted the use of a simplified bank account that can be opened easily and users only pay for the transactions they carry out. Brazil enacted a legal framework allowing micro insurances…

In FinTech

Ghosts In The Machine: Artificial Intelligence – Regulatory Risk

by 4 Mins Read

Part of the Ghosts in the Machine b:INFORM SeriesArtificial Intelligence – Regulatory RiskIn this article forming part of our b:INFORM Ghosts in the Machine Series , we analyse the survey findings relating to regulatory risks arising from the use of Artificial Intelligence (“AI”) in financial markets and institutions. Click here for our article analysing the survey findings relating to legal risks arising from the use of Artificial Intelligence. And you are welcome to visit our Ghosts in…

In FinTech

Ghosts In The Machine: Artificial Intelligence, Risks And Regulation In Financial Markets

by 3 Mins Read

Part of the Ghosts in the Machine b:INFORM SeriesGhosts in the Machine: Artificial Intelligence – Legal Risk Ghosts in the Machine: Artificial Intelligence – Regulatory RiskRisky relationship between AI and data privacyWelcome to our b:INFORM series exploring the rise of Artificial Intelligence (“AI”) in financial markets and institutions. This series is based on a survey undertaken by Baker & McKenzie and EuroMoney Institutional Investor Thought Leadership (together “we”) between December 2015 and February 2016.What is…