The UAE government has launched the “Know Your Customer” (KYC) digital platform to provide accurate, comprehensive, and confidential data for financial transactions. This platform is a key component of the country’s strategy to modernise its financial infrastructure, accelerate digital transformation, and establish a unified legal framework for customer identity verification. It enhances transparency, ensures compliance with financial regulations, and strengthens national efforts to combat financial crime. UAE launches Know Your Customer platform Established under Federal Decree-Law No. 30 of 2024, the KYC platform is a pivotal step in bolstering the national economy. By providing a secure framework for verifying customer identities, the platform fosters greater trust in the UAE’s business and financial systems. Furthermore, it enhances the nation’s global fintech standing through advanced technological solutions tailored to the financial, banking, and insurance sectors, ultimately promoting a stable and sustainable economic environment. The launch of the KYC platform is a significant step in strengthening the leadership of the UAE’s banking sector, positioning it among the world’s top banking industries. By adopting cutting-edge digital solutions, the platform provides an integrated mechanism for verifying customer identities and ensuring compliance with regulations. This enhanced transparency in financial transactions, facilitated by the platform’s accurate and comprehensive data, empowers users […]