Financial Crime World

Here is the article rewritten in markdown format with proper headings, subheadings, and bullet points: Regulatory Bodies Unveil Joint Guidelines for Financial Institutions in the United Arab Emirates

A Significant Development in Promoting Safe Adoption of Enabling Technologies

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 jointly issued guidelines for financial institutions to adopt enabling technologies in a safe and sound manner.

Guidelines for Safe Adoption of Emerging Technologies

The Guidelines, published on November 15, provide cross-sectoral principles and best practices for financial institutions to follow when developing or offering innovative products and services enabled by emerging technologies such as:

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

These guidelines aim to promote the proactive management of risks arising from the adoption of these innovative activities.

A Collaborative Effort

The issuance of the Guidelines follows a public consultation launched in June 2021, during which international standards, industry best practices, and valuable feedback from market participants were considered. The guidelines will apply to all financial institutions licensed and supervised by any of the regulatory bodies and utilizing enabling technologies, regardless of their financial activities conducted.

Quotes from Regulatory Bodies

  • “These guidelines reflect the Central Bank’s keenness to team up with regulatory authorities in various fields, including issuing unified and common guidelines to achieve the growth of the UAE’s economic sectors.” - Saif Al Dhaheri, Assistant Governor - Strategy, Financial Infrastructure and Digital Transformation at the CBUAE
  • “The release of Guidelines for Financial Institutions Adopting Enabling Technologies is of paramount importance as they enhance the safe and proper adoption of these technologies by financial institutions operating in the UAE’s financial sector.” - Dr. Maryam Buti Al Suwaidi, Chief Executive Officer of the Securities and Commodities Authority (SCA)
  • “Finance has long drawn on the latest technology, now more so than ever. We welcome innovation and the prudent adoption of enabling technologies by firms we supervise.” - F. Christopher Calabia, Chief Executive of the DFSA
  • “Modern financial institutions need their technology to be robust and resilient. The Guidelines will help financial institutions by providing best practices on how to manage and mitigate risks arising from the use of innovative technologies, allowing them to better serve their customers.” - Emmanuel Givanakis, CEO of the FSRA at the ADGM

Download the Guidelines

To view and download the Guidelines, please click on any of the following links:

  • Central Bank of the UAE
  • Securities and Commodities Authority
  • Dubai Financial Services Authority
  • Financial Services Regulatory Authority, ADGM