{"id":98230,"date":"2024-11-25T00:00:00","date_gmt":"2024-11-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-launches-centralized-kyc-platform\/"},"modified":"2024-11-25T00:00:00","modified_gmt":"2024-11-25T00:00:00","slug":"uae-launches-centralized-kyc-platform","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/25\/uae-launches-centralized-kyc-platform\/","title":{"rendered":"UAE launches centralized KYC platform"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The government launched a Know Your Customer (KYC) digital platfor<\/strong><strong>m to <\/strong><strong>enhance financial data management and combat financial crimes<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b6boi9e-uae-government-launches-kyc-platform-for-enhanced\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The platform is designed to verify customer identities, store and analyze data, and facilitate secure information sharing between relevant authorities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new company, overseen by the Central Bank of the UAE (CBUAE), will be established to develop and manage the KYC platform.<\/strong> The entity\u2019s tasks include managing data collection, storage, analysis, usage, issuing reports and working with data providers to streamline KYC data acquisition. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The CBUAE will regulate the entity\u2019s activities<\/strong>, define system standards for data protection, and determine what customer data may be requested. A code of conduct for data providers and users will also be implemented to ensure compliance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Strict regulations to enforce KYC data security:<\/strong> Customer data will only be disclosed under specific conditions, requiring prior approval from the customer or from the legal entity in charge. Breaches in confidentiality regulations through unauthorized disclosures or illegal attempts to obtain KYC reports can result in a minimum two-year prison sentence and at least a AED 50k fine, while the misuse of customer data by public officials or employees will result in harsher penalties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new company overseen by the CBUAE will manage the platform<\/p>\n","protected":false},"author":1,"featured_media":98231,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1618],"tags":[159,157,7,79],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-central-bank-of-the-uae","tag-enterpriseam-uae","tag-fintech","wpautop","entry"],"acf":{"mongo_id":"644d153f-d8bc-4701-a72a-060f82eb0a02","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1532.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE launches centralized KYC platform","related_issue":[98218],"teaser":"A new company overseen by the CBUAE will manage the platform","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.f39b0944-7684-402c-b372-2ddc67e2f0c8.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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