The Central Bank announces the development of the “Know Your Customer” digital platform

The Central Bank of the United Arab Emirates announced the start of developing the “Know Your Customer” digital platform (e-KYC) unified at the state level, through signing a technical partnership agreement with the international company “Norblock AB”.

The bank explained in a statement today that this strategic initiative is an essential pillar within the financial infrastructure transformation program, with the aim of developing an integrated financial system that increases the efficiency of operational operations.

The project embodies the Central Bank’s commitment to modernizing regulatory frameworks and adopting advanced digital solutions, which contributes to addressing the challenges of duplicating customer identification procedures, reducing compliance costs, consolidating stability and competitiveness of the country, and enhancing its global leadership in the digital financial scene.

The signing ceremony was witnessed by the Governor of the Central Bank of the United Arab Emirates, Khaled Mohammed Al Amma, and the Assistant Governor for the Banking and Insurance Supervision Sector, Ahmed Al Qamzi.

The agreement was signed by the Assistant Governor for the Banking Operations and Support Services Sector, Saif Humaid Al Dhaheri, and the CEO of Norblock AB, Astanakis Kanakis, in the presence of a number of senior officials from both sides.

The new platform contributes to developing the efficiency of “know your customer” procedures and due diligence requirements, by automating processes and integrating reliable data in a way that enhances compliance and is in line with frameworks for combating money laundering and combating the financing of terrorism.

The platform relies on a technical structure that puts privacy protection at the forefront, as it allows data to be shared based on explicit authorization from the customer, ensuring the highest levels of confidentiality and trust in the financial system.

The platform also provides a unified national approach that serves financial institutions and financial technology companies, and provides a faster and more reliable digital onboarding experience for individuals and companies, which contributes to reducing lead times and reducing operational costs.

This project represents a pivotal step in the path of digital transformation of the financial sector in the country, with future directions to expand the scope of use of the platform and enhance its integration with various stakeholders, thus contributing to the development of an advanced and sustainable digital financial system.

This reflects the Central Bank’s commitment to employing advanced technologies to enhance governance and develop customer-centered financial services, which supports the ease of doing business and consolidates the UAE’s position as a leading global financial center, supported by an advanced digital regulatory infrastructure.

Assistant Governor for the Banking Operations and Support Services Sector, Saif Humaid Al Dhaheri, said that the development of the digital “Know Your Customer” platform represents a strategic shift towards a more efficient and flexible financial system, as we move the sector from intensive traditional procedures to advanced digital models that ensure accelerating the pace of accession to financial services and reducing operational costs, explaining that the Central Bank aims to enhance efficiency and establish a transparent financial environment and protect the privacy of customers, thus consolidating the country’s competitiveness as a leading global financial center.

For his part, CEO of Norblock AB, Astianakis Kanakis, expressed their pride in partnering with the Central Bank of the United Arab Emirates to implement this platform, which represents a new standard in the field of digital compliance globally. By employing advanced technologies, Norblock AB works to enable financial institutions to immediately access reliable and secure data from multiple sources, while providing full control to users in managing access to their data, which enhances operational efficiency and ensures keeping up with the highest international standards.