Bank Negara to make it easier for money transfer

Impromptu Solutions Sdn Bhd MD Ricky Fang (left) displaying the 'KAL atm Machine' to Chew (right) and Ramasamy (centre) after the launch of the Money Services Business Asia Pacific Conference 2017 yesterday.

KUALA LUMPUR: Bank Negara will introduce regulations that allow for electronic know-your-customer (e-KYC) features in a move that would pave the way for more innovation in the financial world.

The additional rules will enable an industry-wide implementation of e-KYC for remittance transactions in the country, which the central bank has said would be operational by 2018.