ADGM Consultation

ITFA’s valued partner Abu Dhabi Global Markets (ADGM), has published a Consultation Paper (CP) to help facilitate the use of non-face-to-face digital verification of identity (termed “eKYC”) in ADGM and mitigate associated risks. Please see the Media Release here and CP landing page here.
 
Just to pick out a few prominent items from the proposals. In seeking to help facilitate eKYC in ADGM:

1. ADGM has proposed a number of changes to its existing guidance to clarify that eKYC is permitted in ADGM and thereby remove any doubt on this issue. The use of digital official ID documents is being encouraged (such as the recently launched e-Emirates ID/ICA UAE Smart) by adding guidance clarifying that electronic documents of this type are acceptable.
2. ADGM proposes removing the obligation to always verify the current residential address for natural persons who are not classified as high-risk.
3. ADGM has clarified that conditional reliance may be placed on assessments conducted on behalf of the ADGM entity (such as by the parent or another group entity, or where the eKYC system is government approved).

The consultation is open until 29 July 2021. Responses can be addressed to the following email: consultation@adgm.com

For more information, please visit the dedicated webpage: ADGM Public Consultations.