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A view of Qatar Central Bank building in Doha, Qatar. Image Courtesy: Reuters Images
Doha, Qatar: In line with the financial sector strategy and the financial technology (Fintech) strategy, and based on Qatar Central Bank’s permanent endeavor to regulate and develop the financial sector in the country, Qatar Central Bank issued “Electronic Know Your Customer” instructions with the aim of organizing and developing the customer identification process.
Qatar Central Bank affirms the importance of complying with eKYC instructions to enhance transparency and security in the financial sector. By developing eKYC procedures, QCB also aims to ensure compliance with instructions on combating money laundering and terrorism financing.
KYC and identity verification are deemed fundamental concepts in the financial sector in Qatar since electronic identity verification is deemed one of the modern tools, which provide an opportunity for financial institutions to verify the identity of their customers remotely using modern technology and identity data. The procedures also allow individuals to establish their identity electronically and remotely.
Qatar Central Bank is keen to provide effective and valuable initiatives to foster a favorable environment for financial technology to evolve and grow in the country while supporting the development of the financial sector and enhancing the transparency of both financial and banking transactions in Qatar. Instructions can be viewed on Qatar Central Bank website.
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