As per a recent social media post, Qatar Central Bank issued "Electronic Know Your Customer" instructions to organize and develop the customer identification process. This was implemented in line with the financial sector strategy and the financial technology (Fintech) strategy, and based on the Qatar Central Bank's permanent endeavor to regulate and develop the financial sector in the country.

Qatar Central Bank issues the eKYC (Electronic Know Your Customer) Regulation.#Qatar_Central_Bank pic.twitter.com/WvgxkK3m1X

— مصرف قطر المركزي (@QCBQATAR) October 16, 2023

Qatar Central Bank affirms the importance of complying with eKYC instructions to enhance transparency and security in the financial sector and ensure compliance with instructions on
combating money laundering and terrorism financing.

"Electronic Know Your Customer" instructions provide an opportunity for financial institutions in the country to verify the identity of their customers remotely using modern technology and identity data to enhance the safety and security of the financial sector.

These procedures also allow individuals to establish their identity electronically and remotely without the need for them to be in a physical place.

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.

Source and Cover Image: Qatar Central Bank

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Rikhia Basu

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