Saturday, 14 September 2019

New Banking Rule: No need for physical verifying of Emirates ID in UAE at banks

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In line with new rule announcement Central Bank gives notice to all banks.

Banks and finance companies in the UAE can make use of online validation gateway of the Federal Authority for Identity and Citizenship for identity verification of potential customers when opening their bank accounts.

This will take away the requirement for physical checking of the Emirates ID card of individual and corporate customers, the Central Bank stated in the notice sent to all the banks and financing institutions operating in the country.

"The UAE Pass Platform is based on on the online validation gateway of the Federal Authority for Identity and Citizenship for identity verification, which removes necessity for actual physical examining of the UAE ID card. Banks and different financial institutions may very well utilize the UAE Pass in the processes for opening bank account and carrying out transactions/deals for individuals and representatives of corporate clients," says the Central Bank notice sent to banks in the UAE.

Introduced in October 2018, the UAE Pass is the very first national digital identity platform that is open for Emiratis and expatriates through a single mobile identity, enabling people not only gain access to services but also to digitally sign legal documents.

All UAE residents can have a digital national identity that can be utilised to gain access to federal government services and create transactions online. Residents can easily log in any kind of government website to make a transaction after installing the mobile app and creating an account on UAE Pass.

The Central Bank and the UAE Banking Federation welcome the digital transformation initiative - UAE Pass Platform - introduced jointly by Telecommunication Regulatory Authority (TRA), in partnership with Abu Dhabi Digital Authority and Smart Dubai.

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