Regulatory Alerts2022-10-31
Guidance for Licensed Financial Institutions on Digital Identification for Customer Due Diligence
The Central Bank of the United Arab Emirates issued this guidance to assist licensed financial institutions in fulfilling their statutory anti-money laundering and combating the financing of terrorism obligations through the use of digital identification systems. The document defines digital ID components, outlines identity proofing and enrollment processes, and establishes expectations for verifying customer identities remotely while mitigating associated risks. It mandates that institutions assess the reliability and independence of digital ID providers and implement appropriate risk controls to ensure compliance with UAE regulatory frameworks.
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