UAE launches new digital financial platform
November 25, 2024
Established under Federal Decree-Law No. 30 of 2024, the KYC platform is a critical step in strengthening the UAE's national economy. By providing a reliable basis for verifying the identity of customers, the platform helps to increase confidence in the country's businesses and financial systems.
It also strengthens the Emirates' position in fintech with advanced technology solutions designed for the financial, banking and insurance sectors, ultimately contributing to a stable and sustainable economic environment.
Violation of the KYC platform's data privacy rules carries penalties including imprisonment of at least two years and a fine of at least 50,000 dirhams ($13,600)
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