The UAE government has launched the “Know Your Customer” (KYC) digital platform, aimed at providing precise and confidential data for financial transactions.
This initiative is part of the country’s broader strategy to modernise its financial infrastructure, fast-track digital transformation, and establish a unified legal framework for verifying customer identities. The platform not only enhances transparency and regulatory compliance but also strengthens national efforts against financial crime.
Established under Federal Decree-Law No. 30 of 2024, the KYC platform uses advanced technological solutions tailored for the financial, banking, and insurance industries, thereby enhancing the nation’s global fintech reputation and promoting a stable economic environment.
According to the Decree-Law, a new company will be created to develop and manage the platform, with the legal authority to operate and oversee data collection, storage, and analysis, in line with national cybersecurity standards.
The company will produce KYC reports as outlined by the Decree-Law’s executive guidelines and work with data providers to optimize KYC data acquisition.
Violations of KYC data confidentiality will incur severe penalties, including imprisonment and fines. Unauthorized data disclosure or attempts at fraudulent data acquisition are strictly penalized, with stricter consequences for public officials or company employees misusing data.
The Central Bank of the UAE will oversee the platform’s management, establishing operational regulations and a code of conduct for data providers and users. It will also define standards for data systems and specify the customer data accessible by the managing company.
