Emirati media have reported that the government of the United Arab Emirates has launched the digital customer identification platform "Know Your Customer" (KYC) to provide accurate, comprehensive, and confidential data for financial transactions.
Publish dateSunday 24 November 2024 - 12:08
According to Amac News: Citing the media, this platform is a key component of the country's strategy to modernize its financial infrastructure, accelerate digital transformation, and establish a unified legal framework for customer identity verification.
Sources indicate that this initiative enhances transparency, ensures compliance with financial regulations, and strengthens the government's efforts to combat financial crime. By providing a secure framework for verifying customer identities, the KYC platform fosters greater trust in the UAE's business and financial systems.
Utilizing advanced digital solutions, the platform offers an integrated mechanism for customer identity verification and ensures compliance with regulations. The increased transparency in financial transactions, facilitated by the platform’s accurate and comprehensive data, empowers users to make more informed decisions.
Moreover, the KYC platform guarantees the legal collection and use of customer data, streamlining information exchange between relevant authorities and bolstering cooperation in the fight against financial crime.
According to the decree-law, a new company will be established in the UAE to develop and manage the KYC platform, possessing the legal authority to conduct its operations. This entity will be responsible for building and overseeing the platform, including managing the collection, storage, analysis, categorization, use, exchange, and sharing of KYC data in accordance with national cybersecurity policies and standards.
Additionally, this company will issue KYC reports as stipulated by the executive guidelines of the decree-law and will collaborate with data providers to streamline the acquisition of KYC data.
Officials state that this decree establishes a strict legal framework for protecting customer data, allowing disclosure only under specific conditions. The Central Bank of the UAE will oversee and regulate the operations of the company managing the KYC platform, determining the regulations under which the company conducts its activities and provides its services.
Sources indicate that this initiative enhances transparency, ensures compliance with financial regulations, and strengthens the government's efforts to combat financial crime. By providing a secure framework for verifying customer identities, the KYC platform fosters greater trust in the UAE's business and financial systems.
Utilizing advanced digital solutions, the platform offers an integrated mechanism for customer identity verification and ensures compliance with regulations. The increased transparency in financial transactions, facilitated by the platform’s accurate and comprehensive data, empowers users to make more informed decisions.
Moreover, the KYC platform guarantees the legal collection and use of customer data, streamlining information exchange between relevant authorities and bolstering cooperation in the fight against financial crime.
According to the decree-law, a new company will be established in the UAE to develop and manage the KYC platform, possessing the legal authority to conduct its operations. This entity will be responsible for building and overseeing the platform, including managing the collection, storage, analysis, categorization, use, exchange, and sharing of KYC data in accordance with national cybersecurity policies and standards.
Additionally, this company will issue KYC reports as stipulated by the executive guidelines of the decree-law and will collaborate with data providers to streamline the acquisition of KYC data.
Officials state that this decree establishes a strict legal framework for protecting customer data, allowing disclosure only under specific conditions. The Central Bank of the UAE will oversee and regulate the operations of the company managing the KYC platform, determining the regulations under which the company conducts its activities and provides its services.
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Source : news agency wam
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