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Money Service Business

Obtaining banking services as a Money Service Business (MSB) or fintech providing services similar to an MSB can be challenging. We’ve created this guide to help you achieve this goal by drawing on the experience of our regulatory and compliance experts, in-house practitioners who have advised MSBs and fintechs.

Bank Negara Malaysia will now allow money services businesses (MSBs) to onboard corporate clients digitally, using electronic Know Your Customer (e-KYC) and non-face-to-face verification processes. Previously, remittance and money-changing businesses were only permitted to use e-KYC techniques for individual customers. […]

aml ewallets

eWallets are online storage systems that hold users’ banking information and can be used to pay for goods and services, often in conjunction with mobile payment systems. Use of eWallets and “mobile money” has grown rapidly since 2017 as the […]

money services business

Money services businesses provide currency exchange and conversion services for organizations all over the world. Financial institutions which transmit or convert money fall into the classification of ‘Money Services Business’ (MSB). While they provide some of the same services, MSBs […]

PEP red flags

Many uncertainties and misunderstandings surround politically exposed persons (PEPs). Classifying a client as a PEP is part of the process that enables financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) to assess the risks related to PEPs. Since […]