The Central Bank of the UAE (CBUAE) is developing a nationwide electronic Know Your Customer (e-KYC) platform with Norbloc AB, creating a unified national approach intended to reduce duplicated ‘customer due diligence’ across the country’s financial sector. The initiative forms part of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme and is designed to support more efficient onboarding for individuals and businesses while strengthening Know Your Customer and Know Your Business controls.
The platform will use automated workflows, trusted data sources and privacy-by-design technology to support customer due diligence, anti-money laundering and combatting the financing of terrorism (AML/CFT). It will enable secure data sharing based on explicit customer consent, with the aim of reducing turnaround times, operational costs and repeated checks across financial institutions and fintech companies.
For regulated firms, the project points to a more shared model for identity verification and compliance data, where trusted customer information can be reused with explicit consent rather than repeatedly collected across institutions. Future phases will focus on expanding the platform’s capabilities and deepening integration with relevant stakeholders.
H.E. Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, framed the project as a shift away from resource-heavy onboarding and compliance processes. “The development of the e-KYC Platform represents a strategic transformation towards a more efficient and resilient financial ecosystem. Through this platform, we are enabling the sector to move away from resource-intensive traditional processes towards progressive digital models that accelerate access to financial services and reduce operational costs. At the CBUAE, we aim to enhance efficiency and establish a financial environment characterised by transparency and the protection of customer privacy, in a way that reinforces the UAE’s competitiveness as a leading global financial centre.”
Norbloc will act as technology partner for the platform. Astyanax Kanakakis, Chief Executive Officer of Norbloc AB, said: “We are proud to partner with the Central Bank of the UAE in delivering this platform, which sets a new benchmark in digital compliance globally. By leveraging advanced technologies, we will enable financial institutions to access trusted and secure data in real time from multiple sources, enhancing operational efficiency while adhering to the highest international standards. It also empowers users with full control over the management of access to their data.”
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