This policy document sets out BNM's revised requirements and guidance in implementing electronic Know-Your-Customer (e-KYC) solutions for the onboarding of individuals and legal persons to the financial sector. 

The revised requirements and guidance in this policy document seek to accommodate advancements in technology to facilitate the secure and safe adoption of e-KYC solutions for both individuals and legal persons while preserving the integrity of the financial system. 

Supplementing this, BNM has also revised the Frequently Asked Questions document to provide clarification on common queries in relation to the revised policy requirements.

Issuance Date
15 April 2024

Effective Date
15 April 2024

Issuing Department
Financial Development and Innovation Department 

Applicability
1.    Licensed banks 
2.    Licensed investment banks
3.    Licensed Islamic banks
4.    Licensed life insurers
5.    Licensed family takaful operators
6.    Prescribed development financial institutions
7.    Licensed money services businesses
8.    Approved issuers of designated payment instruments and designated Islamic payment instruments

Documents

• Policy Document on Electronic Know-Your-Customer (e-KYC)
• Frequently Asked Questions