UAE KYC Digital Platform Decree-Law — articles 1–20

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: T…

This Decree by Law aims to: 1. Develop the financial infrastructure and enhance digital transformation within the state; 2. Verify the client identity and assess their compliance with the financial and other applicable r…

The provisions of this Decree by Law shall apply to the following: 1. The company, data provider, client, and user; and 2. Any party involved with KYC data, as specified by the Executive Regulations hereof.

1. In the implementation of the provisions hereof, a company shall be incorporated to develop and manage the KYC Platform. Such company shall possess the legal personality and capacity necessary to carry out activities a…

In addition to the activities stipulated for the company under its articles of association, such company shall undertake the following activities: 1. Establishing and managing the Platform; 2. Regulating the processes of…

Taking into account the provisions of the company articles of association and the controls and resolutions, issued by the Central Bank, in accordance with the provisions of Article (12) hereof, the company shall be oblig…

1. The client has the right to access the details of KYC report in accordance with the controls outlined by the Executive Regulations or as approved by the Central Bank; 2. The company shall not be liable for any errors …

1. The company shall enter into an agreement with the data provider to regulate the mechanisms for providing, using, and exchanging KYC data, including terms and conditions for protecting such KYC data and ensuring confi…

The company shall be prohibited from using, trading, or exchanging KYC data for purposes other than those stipulated in this Decree by Law and its Executive Regulations.

1. The user shall obtain the client approval before requesting KYC report. The company shall be required to develop the necessary procedures or laws to ensure that such client approval is obtained for any report requeste…

Subject to the provisions of Article (10) of this Decree by Law, KYC data shall be confidential by nature and shall be used exclusively among the parties specified herein and its Executive Regulations. Such data shall no…

The Central Bank, in its capacity as the competent regulatory authority over the company activities pursuant to such Decree by Law and its Executive Regulations, shall have the following competences: 1. Monitoring and su…

KYC database shall be linked, as specified by the Executive Regulations hereof.

1. A penalty of imprisonment for a period that is not less than (2) two years and a fine that is not less than (AED 50,000) Fifty Thousand Dirhams or one of these two penalties, shall be imposed on: a. Disclosing KYC dat…

The Cabinet shall, based on the proposal by the Minister and in coordination with the Governor, issue the Regulation of Violations and Administrative Penalties for acts committed in violation of the provisions of this De…

The Central Bank shall prepare the Executive Regulations hereof in consultation with the relevant state authorities and shall issue it by a resolution of the Cabinet based on the proposal of the Minister. The Executive R…

The Board of Directors of the Central Bank, based on the proposal of the company Board and after coordination with the Ministry, shall issue a resolution specifying the financial return that such company receives for pro…

Employees designated by a Resolution of the Minister of Justice, in agreement with the Governor, shall have the capacity of judicial officers for proving all violations, within their jurisdiction, of the provisions of th…

Any provision that violates or contradicts the provisions of this Decree by Law shall be repealed.

This Decree by Law shall be published in the Official Gazette and shall enter into force as of the date of its publication.