UAE launches digital “Know Your Customer” platform to enhance financial transparency.
The United Arab Emirates launched The digital “Know Your Customer” platform, which aims to provide An integrated infrastructure to verify customer identity, enhancing trust in the financial system.
Know Your Customer.. An integrated platform to enhance transparency
The new platform aims to provide comprehensive, accurate and completely confidential data about customers, in accordance with the best international standards. This step comes within the framework of the country’s efforts to enhance the integration of the financial infrastructure and accelerate digital transformation, according to the Emirates News Agency. “And mother”.
Strengthening the leadership of the banking sector
This platform represents a qualitative step in enhancing the leadership of the UAE banking sector, as it provides an integrated digital mechanism to verify the identity of customers and their compliance with applicable legislation. It also contributes to integrating the latest technologies into banking operations and accelerating the digital transformation process in the country.
Establish a specialized company to manage the platform
A specialized company will be established to manage the platform, and will be responsible for its creation and management, and organizing the processes of collecting, storing, analyzing, classifying, using, trading and exchanging “Know Your Customer” data. The company will also issue the “Know Your Customer” report in accordance with the controls that will be determined by the executive regulations of the Decree-Law.
Data Protection Controls
The UAE has stressed the importance of protecting customer data, as new legislation stipulates that “Know Your Customer” data is confidential in nature and may only be disclosed in accordance with legal provisions. Strict penalties will be imposed on anyone who violates data protection provisions.
Central Bank of the UAE Supervision
The Central Bank of the United Arab Emirates is responsible for monitoring and supervising the proper performance of the company operating the platform, and ensuring its compliance with the specified standards and controls.
