Authorized Deposit-Taking Institutions (ADIs) are required to follow international deposit-taking regulations. Malaysian banks are no different. A record of a client's mobile banking transactions and account creations must be kept by the bank according to Central Bank regulations, just as in traditional banking.
Know Your Customer (KYC) is the regulation for financial institutions that requires them to obtain basic information about their clientele. Some world and Malaysian banks may break normal registration-process codes with mobile banking in regards to account opening procedures and customer care. This is due to the high business cost of opening a banking account purely over the phone. So it is important to consult your banker to make sure you fully understand their policies and visit one of your bank's locations if possible.
Unlike traditional banking, mobile banking does not have clearly defined rules of liability. For example, if you accept a credit card payment and forget to check the signature, you could be liable to refund the whole amount. However, if your PIN is compromised, and a business accepts your payment without the card present, the liability is unclear.
