CBUAE guidance on digital ID for customer due diligence in AML/CFT compliance
The Central Bank of UAE (CBUAE) has issued new guidance permitting licensed financial institutions to use digital ID for customer due diligence as part of anti-money laundering and counter-terrorism financing obligations. This applies to all banks, investment firms, and money services businesses regulated by the CBUAE.
The analysis — automated & source-checked
- Applies to
- Financial services · UAE
- What to do
- Licensed financial institutions must review the new CBUAE guidance and assess applicability to their customer due diligence processes. Update KYC policies and staff training to reflect digital ID acceptance where compliant with the guidance.
Source
“The Central Bank of UAE (CBUAE) has issued new guidance permitting licensed financial institutions to use digital ID for customer due diligence as part of anti-money laundering and counter-terrorism financing obligations.”
— Central Bank of UAE, 11 Jan 2023
Source: Central Bank of UAE — official 11 Jan 2023 Read the original ↗ More from Central Bank of UAE →
Quick answers
What do I need to do?
Licensed financial institutions must review the new CBUAE guidance and assess applicability to their customer due diligence processes. Update KYC policies and staff training to reflect digital ID acceptance where compliant with the guidance.
Who issued this?
Central Bank of UAE (UAE).
When was it announced?
11 Jan 2023.
Where can I read the original?
Read the original at Central Bank of UAE: https://www.centralbank.ae/en/news-and-publications/news-and-insights/press-release/cbuae-issues-new-guidance-on-anti-money-laundering-and-combatting-the-financing-of-terrorism-for-licensed-financial-institutions-on-the-use-of-digital-id-for-customer-due-diligence/
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