Financial Crime World

UAE Issues Guidelines for Safe Adoption of Enabling Technologies in Finance

Joint Effort by UAE Regulatory Bodies to Promote Responsible Use of Innovative Technologies

DUBAI, UNITED ARAB EMIRATES - November 15, 2021

The United Arab Emirates (UAE) has taken a significant step towards promoting the responsible use of enabling technologies in finance with the joint issuance of guidelines by its regulatory bodies. The Central Bank of the UAE (CBUAE), Securities and Commodities Authority (SCA), Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre (DIFC), and Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have published “Guidelines for Financial Institutions Adopting Enabling Technologies” to ensure the safe and sound adoption of innovative technologies such as:

  • Application Programming Interfaces
  • Big Data Analytics and Artificial Intelligence
  • Biometrics
  • Cloud Computing
  • Distributed Ledger Technology

Purpose of the Guidelines

The guidelines aim to mitigate risks associated with the adoption of enabling technologies by financial institutions and ensure that they are managed proactively. The issuance of these guidelines follows a public consultation launched in June 2021, during which market participants provided valuable feedback that was considered in finalizing the document.

Key Takeaways

  • The guidelines promote the responsible use of innovative technologies to enhance modern financial services and innovation.
  • They reflect the regulatory bodies’ keenness to collaborate and issue unified guidelines to achieve the growth of the UAE’s economic sectors.
  • The guidelines are consistent with best global standards and practices, ensuring the safe and proper adoption of enabling technologies by financial institutions operating in the UAE.

Quotes from Regulatory Bodies

  • Saif Al Dhaheri, Assistant Governor - Strategy, Financial Infrastructure and Digital Transformation at the CBUAE: “Through these guidelines, we aim to direct licensed financial institutions to adopt technologies that enable modern financial services and promote innovation.”
  • Dr. Maryam Buti Al Suwaidi, Chief Executive Officer of the SCA: “The release of these guidelines is of paramount importance as they enhance the safe and proper adoption of enabling technologies by financial institutions operating in the UAE’s financial sector.”
  • F. Christopher Calabia, Chief Executive of the DFSA: “Finance has long drawn on the latest technology, now more so than ever. As a risk-based regulator, the DFSA encourages all firms to deploy new technology in line with good practice and clear guidelines so that the financial system and customers remain properly protected.”
  • Emmanuel Givanakis, CEO of the FSRA at ADGM: “These Guidelines will help financial institutions by providing best practices on how to manage and mitigate risks arising from the use of innovative technologies.”

Download the Guidelines

To view and download the guidelines, please visit: