Regulatory Alerts2021-01-01
Consultation Paper No. 3 of 2021 – Proposals on Digital Verification of Identity (eKYC)
The Financial Services Regulatory Authority of Abu Dhabi Global Market proposes updates to its regulatory framework to facilitate and govern the use of electronic Know Your Customer processes. The proposals align with FATF guidance by clarifying permitted eKYC methods, relaxing mandatory residential address verification, and allowing reliance on third-party assurance assessments. These changes aim to mitigate inherent risks through robust, outcomes-based controls while maintaining strict anti-money laundering and fraud prevention standards.
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