UAE banks and regulators to explore blockchain-based KYC utility

UAE banks and regulators to explore blockchain-based KYC utility

Regulatory authorities in Abu Dhabi are kicking off a programme with a consortium of the region's banks to develop a shared KYC utility, possibly underpinned by distributed ledger technology.

An industry coalition, comprising Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Ansari Exchange, Al Fardan Exchange, First Abu Dhabi Bank, UAE Exchange and ADGM, has formed to develop a proof-of-concept to decide the governance framework and the functional requirements of the e-KYC utility.

Richard Teng, CEO of the Financial Services Regulatory Authority (FSRA) of ADGM says distributed ledger technologies are being considered to underpin core functionality within the platform.

"Banks and financial institutions are seeking more ways to meet KYC and AML requirements and standards," he says. "With increased deployment of technology, such as blockchain for KYC and the efficient management of digital identities, greater efficiency and cost-effectiveness can be achieved."

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