Request a Demo

UAE: ADGM Develops e-KYC Utility

Latest update: December 4, 2018. The ADGM has announced the successful end of the first industry electronic know your customer (e-KYC) utility project, initially launched in March 2018 and led by the Financial Services Regulatory Authority (FSRA) of ADGM.

The e-KYC utility provided for solutions that overcame some of the shortcomings of existing practices. In particular, it provided a centralised location where customer identification and verification would be performed for a customer once, instead of multiple times by different entities for the same customer.

The main features of the e-KYC that underpinned its success included the following: based on a blockchain platform with immutable audit trail; seamless and secure information sharing; GDPR compliant; use of digital signatures; and use of customer consent model.

As part of the project, the FSRA, along with the consortium members, designed a governance framework and business model on which the e-KYC utility can operate on an inclusive and sustainable basis.

Some of the key benefits derived from all stakeholders involved, i.e. regulators, consortium members and customers, are the following:

  • Increased frequency of KYC data
VIXIO’s articles are included in the suite of GamblingCompliance and PaymentsCompliance products. We do not provide access to individual articles on an ad-hoc basis. If you are interested in the VIXIO service, please get in touch or request a demo.
Request a Demo

Our Key Benefits

VIXIO PaymentCompliance is a comprehensive regulatory analysis and monitoring solution. We help compliance teams track and monitor regulatory changes, helping them prepare for new requirements and identify where action needs to be taken to ensure compliance.

Trusted by compliance professionals and legal consultants, VIXIO PaymentsCompliance empowers firms to make the right decisions to protect and grow their business, in a more cost-effective and efficient way.

Whether it is entering a new or emerging market, procuring or expanding new licences, staying on top of day-to-day compliance or to gain competitive advantage, VIXIO has the solution.

Get in touch to learn more about VIXIO’s regulatory intelligence and how we can support your business goals.

Find out more

Insights & Regulatory Analysis

Our in-house team of experts bring you the latest insights affecting the payments industry. Combining our unrivalled knowledge and deep understanding of the sector, we provide critical and timely intelligence that helps you make sense of what’s happened and what it means for your organisation.

Trackers & Guides

Our event trackers & practical guides help you stay fully informed about a specific development affecting the regulation of payment services. Understand all the details of a complex chain of events to create a fully appraised strategy, and use our expert research and practical content to better inform your decision making.

Horizon Scanning & Requirements

Comprehensively monitor hundreds of regulatory bodies across multiple jurisdictions and languages. With customised alerts and a feed of every event indicative of change, you’ll never miss a new obligation or opportunity. Once an event becomes law, continue to have support during the on-going review of licensing obligations, so you know what action needs to be taken when procuring or expanding licences.

We use cookies on this site to enhance your user experience.
Privacy Policy