The UAE government launched the digital platform “Know Your Customer” to provide complete, accurate and confidential data in financial transactions in accordance with the best international standards, as part of the country’s efforts to integrate the base -increase the financial structure and accelerate digital transformation, and with the aim of creating an integrated legal framework that ensures that the identity of customers is verified and improves among the requirements for transparency and compliance with legislation and regulations appropriate financial, in addition has been supporting efforts to combat financial crimes in the country.
This came in accordance with the publication of Federal Decree Law No. confidence in the country’s business environment and financial system, and strengthening the competitiveness of the UAE’s global reach in the field of financial technology by adopting advanced technical solutions that meet the needs of users from financial, banking and insurance organizations and contribute to a safe establishment. and a stable economic environment.
Strengthening the leadership of the banking sector in the country
The platform is a qualitative step within the efforts aimed at strengthening the leadership of the banking sector in the UAE and consolidating its position among the best banking sectors in the world, by adopt the latest digital solutions, as provided by the “Know Your Customer” platform. an integrated digital mechanism to verify the identity of customers and their compliance with relevant legislation.
The platform aims to integrate the latest technologies into banking operations, accelerate the country’s digital transformation process, as well as increase transparency in financial transactions by providing data and accurate and comprehensive information for consumers, which contributes to making the necessary financial decisions, and ensures legal regulation of the collection and use of customer data in a way that leads to enabling exchange of information between relevant parties, and strengthen cooperation in the fight against financial crimes.
2024-11-22 16:14:00
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