Qatar Central Bank (QCB) issued Sunday the electronic Know Your Customer (eKYC) procedures, in a bid to regulate and improve the customer identity verification digitally.
This move comes in line with the financial sector and financial technology strategies based on the QCB’s constant endeavor to regulate and develop the financial sector in the country.
The QCB stressed the need to commit to the instructions to boost transparency and security in the financial sector, noting that the development of eKYC procedures aims to ensure full compliance with the instructions to combat money laundering and terrorism financing.
A fundamental financial concept in the State of Qatar, the e-identity verification is one of the modern tools that allow financial institutions to verify the customer’s identity remotely through utilizing modern technology and data related to their identities.
QCB is keen to provide effective and valuable initiatives that help create a suitable environment for the growth of the financial technology sector in the country, in a way that supports the development of the financial sector and enhances the transparency of financial and banking transactions in the country. The instructions are available on the QCB website.
Featured image credit: Edited from freepik
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