The UAE has introduced a new AML requirement: digital ID for customer due diligence

January 24, 20230

Type: Legislation

The Central Bank of the UAE (CBUAE) has updated its anti-money laundering and counterterrorism funding guidelines, and the Licensed Financial Institutions (LFI) must comply with them (AML-CFT). The directive concerns the use of digital IDs for consumer due diligence and is effective right away (CDD).

Digital ID systems are used in CDD to allow non-face-to-face business connections and transactions, provide remote consumer identification and verification, and enable remote financial transactions.

Effective date: 2023 

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