UAE launched a new digital platform called ‘‘Know Your Customer” (KYC) to provide accurate, comprehensive, and confidential data for smooth financial transactions. The new initiative aims to provide customers with platforms for verifying their identities and backing a safe and secure business environment and also enhance customer experience in accessing financial and banking services.
The platform is launched under Federal Decree-Law No 30 of 2024. By the amalgamation of digital solutions with the financial, banking, and insurance sectors, this initiative helps to enhance the global competitiveness of the UAE’sUAE’s banking industry.
The new initiative also helps secure the customer’s data and regulations in collecting the latest changes. It also enhances transparency, ensures safe and fair compliance with regulations, and builds up national efforts to avoid financial crime. This initiative will provide accurate data and information to the relevant authorities and facilitate financial exchange, keeping safety in mind. The Central Bank of UAE will form a new company that will specifically develop and manage this initiative. The entity will also be responsible for collecting, securing, and overseeing the sharing of information on the customer’s customer’s data. Furthermore, this platform will ensure legal and regulated collection and use of customer data and conduct a smooth exchange of information between relevant authorities.
