Introducing the UAE Blockchain KYC Platform This first-to-market initiative will facilitate faster, more secure onboarding and exchange of supporting KYC documentation via advanced distributed technologies, including blockchain.
As a result, Customers, Organizations and Regulators will be empowered to securely share verified KYC data and collaborate on a comprehensive and compliant Single Version of Truth.
The Customer creates their digital KYC file through an online portal and shares it with any approved Organization
Compliance officers at the reviewing Organization verify the digital KYC file using automated public data checks; once validated, the digital KYC file is placed on a shared blockchain-based platform
The digital KYC file is available for sharing and the Customer consents to propagate any validated updates to all accredited ecosystem Organizations
Organizations accessing an existing digital KYC file can track who validated the data and when it's due for renewal; compliance teams manage renewals through a comprehensive dashboard with full audit log
Offers the benefits of a centralized system on a decentralized blockchain-based architecture by storing individually unreadable but collectively complete pieces of digital KYC files across registered Organizations, achieving advanced levels of data resilience
Avails a proprietary distributed system for encrypting and storing Customer data secured by proven cryptographic protocols adhering to the highest security standards
The proprietary back-end design has been legally assessed to be compliant with GDPR as well as the 4th AML Directive, providing the requisite assurance to Organizations
Data is under Customer control at all times; Customers have the discretion to update, share or remove access to their digital KYC file with a single action
By removing the information silos, Customers can administer a Single Version of Truth of their digital KYC data in real-time across all participating Organizations
Customers can upload and securely share verified data seamlessly through the platform, eliminating email back-and-forth and accelerating time to approval
UAE Blockchain KYC Platform (powered by norbloc) is established with Mashreq Bank and DIFC as inaugural members
Consortium prospectus available for interested future members
Rolling admission of additional members
UAE Blockchain KYC Platform operational and accepting live customers