Regulatory Alerts2021-11-07
Guidelines for Financial Institutions Adopting Enabling Technologies
The Central Bank of the UAE, Securities and Commodities Authority, Dubai Financial Services Authority, and Financial Services Regulatory Authority have jointly issued guidelines requiring licensed financial institutions to manage risks associated with enabling technologies. The document establishes key principles for data protection, governance, and independent review, alongside specific operational guidance for APIs, cloud computing, biometrics, AI, and distributed ledger technology. These measures aim to ensure the safety and soundness of institutions while fostering innovation and financial stability within the UAE sector.
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