News developments
Abu Dhabi: Global Market Launches Public Consultation on Use of eKYC
The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has launched a public consultation on amendments to its regulatory framework to help facilitate the use of non-face-to-face digital verification of identity in the Global Market and mitigate any associated risks.
The proposed amendments will affect all entities required to undertake customer due diligence in the Global Market, including financial services firms authorised and regulated by the Financial Services Regulatory Authority, Designated Non-Financial Businesses and Professions and Non-Profit Organisations.
All entities carrying out customer due diligence will be urged to consider the matters raised in the consultation. The proposed amendments will also effect on-boarding customers with more than one nationality.
The proposed amendments are a response to the increase in the adoption of eKYC to on-board customers in the Global Market.
They are in line with a general trend towards digitalisation of the customer experience across a range of sectors, which has only been accelerated by the global pandemic.
They build on the Joint Guidance on the treatment of financial crime risks and obligations in the UAE in the context of the Covid-19 crisis which was published together with other regulators last year.
The proposed amendments build and elaborate on the principles contained in the Joint Guidance, as well as those in related guidance published by the Financial Action Task Force.
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