In line with efforts to strengthen UAE’s financial ecosystem, the cabinet earlier this month announced the 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF).
Aligned with the World Bank Group’s methodology, the strategy has been formulated using the latest National Risk Assessment, and guidance from key stakeholders. With the Financial Action Task Force (FATF) delisting the UAE from its grey list in February 2024, this strategy will play a key role in protecting the emirates from money laundering and financing terrorism and illicit organisations.
Key components of the new strategy
- Risk-based compliance: This includes implementing risk assessment methods across all sectors, according to an individual’s risk profile.
- Partnerships: The strategy also includes establishing national and international coordination for exchanging information, that lets public and public sector organisations fight financial crime collaboratively.
- Optimising technical resources: With financial crime evolving rapidly, the strategy also emphasises using technology for improved monitoring and analysis. This includes building centralised data centres along with adequate training across entities.
- Virtual asset risks: The strategy also emphasises the risk posed by cybercrime in digital assets, placing importance on identifying users and monitoring and flagging suspicious activity.
- Legal enhancements: The strategy also places importance on continuously updating legal and regulatory frameworks that align with global standards, including beneficial owner identification to ensure UAE’s firms are protected from illicit transactions.
How does uqudo support these new regulations?
uqudo’s digital identity product which has been built in the UAE, welcomes and supports these new strategies in place by the cabinet. Here’s how we fully align with these new enhancements
- Our AML Screening involves screening individuals and businesses using global AML, sanctions, PEPs and Adverse Media lists. Along with this, we also use advanced analytics to evaluate risk profiles and scores to mitigate risks associated with fraud and financial crimes.
- We have established partnerships with global entities, including Microsoft, VISA, Accenture, du, ForgeRock and many others to enhance our global reach and enable companies to fight illicit crime and fraud.
- Our AI-powered digital identity verification platform comprising of AI document analysis, NFC-based passport and national ID reading, device attestation, behavioural biometrics, liveness detection, and transaction monitoring ensures businesses can seamlessly verify their customers and stay protected from fraudsters.
- With our remote identity verification, uqudo enables blockchain providers to onboard and verify new users, along with monitoring transactions, protecting them from fraudulent individuals.
- uqudo’s identity platform is fully compliant with UAE’s legal requirements, and with continuous innovation, we provide seamless, trustworthy and compliant identity verification to companies across the country.
The 2024-27 National Strategy marks a significant step in fortifying UAE’s fight against money laundering and financial crime, and as MEA’s leading digital identity verification platform, we are working towards contributing to a more secure and transparent financial ecosystem. Embracing these new changes, uqudo is continuously supporting the nation’s vision of becoming the world’s leading digital hub.
Get in touch with us to learn more about these changes and how they affect your user onboarding.
