Abu Dhabi Global Market Concludes First Phase of Blockchain-Based KYC Project

A global monetary unfastened zone throughout the capital of the United Arab Emirates (UAE) has concluded the primary section of its blockchain-based Know Your Buyer (KYC) application undertaking, in keeping with an ADGM press unencumber Dec. four.

The Abu Dhabi World Marketplace’s (ADGM) regulatory frame, the Monetary Services and products Regulatory Authority (FSRA) at the side of “Large 4” audit company KPMG have printed a evaluation of the undertaking’s “a hit” first section so as to supply key takeaways for contributors of the monetary business.

The evaluation outlines the undertaking’s building over a duration of 4 months, in conjunction with a consortium of main UAE-based monetary establishments – together with Abu Dhabi Business Financial institution, Abu Dhabi Islamic Financial institution, First Abu Dhabi Financial institution and others.

FSRA’s evaluation of legacy KYC techniques characterised them as “bulky, repetitive and value in depth,” offering monetary establishments with inefficient knowledge sharing techniques between siloed knowledge units, hampering KYC compliance and anti-money laundering (AML) tracking.

A blockchain-based device used to be discovered to “radically simplify” the KYC procedure by means of offering an “immutable audit path, seamless and safe knowledge sharing,” which might additionally permit for person shoppers to come to a decision how their private knowledge is shared within the application, in step with knowledge coverage (GDPR) and buyer consent necessities.

Because the evaluation outlines, the usage of cryptography and virtual signatures, amongst different options, can give a contribution towards a safe, unified, and handy device for upholding tough KYC requirements around the business.

The evaluation additionally proposed the opportunity of growing a business type of the undertaking that would be offering a fee-based rewards device to incentivize knowledge members for importing and updating their knowledge, and charging knowledge shoppers for get admission to.

Richard Teng, CEO of ADGM’s FSRA unit, has mentioned the blockchain-based e-KYC undertaking “demonstrated tangible advantages,” and would be capable to “reach vital value efficiencies and monetary inclusion pushed by means of unified KYC requirements.”

Following the a hit first section of the blockchain-based KYC undertaking, the FSRA says it’s now making plans to release its subsequent section, which is able to purpose to facilitate small and medium enterprises’ get admission to to banking products and services

As reported two days in the past, 26 French firms and 5 main banks have simply finished a KYC Evidence-of-Thought (PoC) according to blockchain consortium R3’s Corda platform.

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