- UAE launches a digital KYC platform under Federal Decree-Law No. 30 of 2024 to enhance financial sector compliance and security.
- The platform ensures accurate data handling, customer access to KYC reports, and introduces penalties for data misuse and disclosure.
UAE has launched a groundbreaking digital “Know Your Customer” (KYC) platform under Federal Decree-Law No. 30 of 2024.
This innovative initiative aims to streamline identity verification, boost data security, and tackle financial crimes across the banking, insurance, and financial sectors.
Designed to ensure accurate and confidential data handling, the platform supports compliance with global financial regulations while building trust in the nation’s financial ecosystem.
The UAE Central Bank will supervise its implementation, establishing clear guidelines for data usage and protection.
Customers will have access to their KYC reports, while unauthorized data use will face strict penalties, including a minimum two-year prison term and fines starting at Dh50,000.
