Be safe, digitally; Digital identification system should be used for payment

ABU DHABI: The UAE Central Bank has demanded the use of digital identification system for financial transactions. This was stated in the new guidelines once morest money laundering and financing of terrorism. The guidance is for licensed financial institutions including banks, brokers, finance companies, exchange houses, insurance companies and agents.

It was also demanded to ensure legal security along with convincing the risk of illegal transactions. Authorized financial institutions should verify digital copies of documents on customer identification. Digital proofing can help identify stolen and forged IDs and reduce the risk of cyber-attacks.

UAE Central Bank Governor Khalid Balama said the central bank is constantly monitoring financial institutions to ensure compliance with the law. Illegal activities can also be prevented in this way. It was also revealed that a few institutions that violated the law were fined last year. Last month, new guidelines were also issued for companies operating in the insurance sector.

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