The Central Bank stresses banks’ commitment to customer identity verification requirements

During the regular meeting, the Governor of the Central Bank of the United Arab Emirates, Khaled Mohammed Al Amma, met with the CEOs of banks operating in the country, in the presence of the governor’s assistants and senior officials, where they discussed the most prominent initiatives and projects of the Central Bank, and developments in the implementation of the proactive support package, which the Central Bank announced on March 17, 2026, with the aim of enhancing the flexibility of financial institutions.

The meeting discussed the specific initiatives launched by the Central Bank within the financial infrastructure transformation program, aiming to improve the operational readiness of financial institutions and the efficiency of digital payment systems. The Central Bank confirmed that it is moving forward with the implementation of financial infrastructure projects according to the established timetables, including the expected launch of the local payment card system “Gewan”. The meeting also reviewed the progress made in expanding the scope of services of the open financing platform “Al-Tariq” and the instant payment platform “Anni”, which contributes to consolidating the UAE’s position as a global financial center and a destination for excellence in innovation and digital transformation.

Emphasizing the Central Bank’s commitment to consolidating financial stability and flexibility in the banking sector, the Central Bank urged banks to adhere to the instructions and guidelines related to customer identity verification requirements, including the verification code (OTP) through digital applications, which have contributed during the past period to reducing electronic fraud and ensuring consumer protection.

The meeting participants also discussed the operational mechanisms and achievement rates achieved within the basic pillars of the proactive support package, stressing its efficiency in achieving its goals of anticipating the potential impacts on the national economy and the banking sector as a result of the exceptional nature of the current circumstances. This was embodied in banks making optimal use of mandatory reserve balances, testing the effectiveness of term lending facilities and using them efficiently. In order to enhance the sector’s solid reserves, bank reserves at the Central Bank recorded a record level during the first quarter of 2026, amounting to 439 billion dirhams, including 271 billion dirhams in mandatory reserves, and 168 billion dirhams in surplus liquidity, supported by a portfolio of securities issued by the Central Bank worth 263 billion dirhams (including cash bills and Islamic certificates of deposit), which supports the sector’s readiness and provides Complete flexibility to use in liquidity management. Moreover, the total assets of the banking sector increased to 5.5 trillion dirhams.

The Governor of the Central Bank of the United Arab Emirates, Khaled Mohammed Balama, said: “In embodiment of the vision and directives of the wise leadership, and the follow-up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the State, Deputy Prime Minister, Chief of the Presidential Cabinet, and Chairman of the Board of Directors of the Central Bank, we at the Central Bank are committed to protecting and stabilizing the country’s financial system and enhancing its flexibility, competitiveness and global leadership. Our strategic partnership and ongoing meetings with the CEOs of banks and financial sector leaders form a solid foundation for building a financial sector.” A more sustainable, flexible and innovative banker, which supports the country’s economic aspirations and consolidates the UAE’s position as a global center for financial excellence based on good governance and proactive risk management.”