ADGM Launches Electronic 'Know-Your-Customer' Tool
by Lorys Charalambous, Lowtax.net, Cyprus
07 February, 2018
Abu Dhabi Global Market (ADGM), the low-tax financial center, is developing a new electronic tool to help financial services businesses streamline the process of identifying and verifying client identities.
The new "Know-Your-Customer" electronic tool is being developed by an industry consortium, comprising Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Ansari Exchange, Al Fardan Exchange, First Abu Dhabi Bank, UAE Exchange, and ADGM. The consortium will develop a "proof-of-concept" to decide the governance framework and functional requirements of the new tool. Distributed ledger technology (Blockchain) is being considered to underpin the tool's platform.
Richard Teng, CEO of ADGM's Financial Services Regulatory Authority, said: "The immensely positive industry response reveals how seriously the region takes robust KYC and the material impact of "RegTech" technologies in addressing industry challenges. Banks and financial institutions are seeking more ways to meet KYC and anti-money laundering requirements and standards. 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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