In application of the provisions of this Decree by Law, the following words and phrases shall have the meanings assigned to each of them, unless the context otherwise requires: State: United Arab Emirates. The Cabinet: The Council of Ministers of the UAE. Ministry: Ministry of Finance. Minister: Minister of Finance. The Central Bank: The Central Bank of the United Arab Emirates. Governor: Governor of the Central Bank. Concerned Authorities: Authorities specified in the Executive Regulations of this Decree by Law. Platform: “Know Your Client” (KYC) Digital Platform. Company: The company established pursuant to the provisions of this Decree by Law for the purpose of creating and managing the platform to carry out the tasks of collecting, analysing, utilising, exchanging, and trading KYC data, as well as issuing KYC reports. Provider: Any authority provides the necessary data to the platform in accordance with the provisions of this Decree by Law and its Executive Regulations. This includes federal and local governmental authorities and institutions, private sector companies and institutions operating within the state or in free zones, financial institutions, insurance companies, and insurance-related professions licensed by the Central Bank, or any other authority deemed by the company as a potential data provider. Client: Any natural or legal individual who consents to obtaining KYC report concerning such individual. User: The authority entitled to obtain KYC report in accordance with the provisions of this Decree by Law and its Executive Regulations. Data of “Know your Client”: Data, information, documents, and official papers related to the client, which shall be provided to the user to enable prior verification of the client in accordance with the provisions set forth in the Executive Regulations hereof. Report of “Know your Client”: A report issued by the company based on the client approval and the user request, including KYC data. Client Approval: Prior approval from the client, whether in writing, digitally or by any other legally acceptable means, in accordance with the purposes specified in this Decree-Law and its Executive Regulations. Codes of Conduct: A binding set of controls applied to the data provider and user to regulate the processes of requesting, collecting, storing, analysing, classifying, using, trading, and exchanging KYC data. It also outlines mechanisms for resolving disputes and determining the operational policies and procedures related to such data.
Interpretation and application must be checked against the official text and current version.