قانون مكافحة غسل الأموال / الامتثال في الإماراتمرسوم بقانون اتحادي بشأن المنصة الرقمية "اعرف عميلك"

Article (1) Definitions In application of the provisions of this Decree by Law, the following words and phrases shall have the meanings assigned to each of them, unless the context otherwise requires: United Arab Emirates. : State The Council of Ministers of the UAE. : The Cabinet Ministry of Finance. : Ministry Minister of Finance. : Minister The Central Bank of the United Arab Emirates. : The Central Bank Governor of the Central Bank. : Governor Authorities specified in the Executive Regulations of this Decree by Law. : Concerned Authorities

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Federal Decree-Law No. (30) of 2024 Regarding “Know Your Client” Digital Platform 2 “Know Your Client” (KYC) Digital Platform. : Platform The company established pursuant to the provisions of this Decree by Law for the purpose of creating and managing the platform to carry out the tasks of collecting, analysing, utilising, exchanging, and trading KYC data, as well as issuing KYC reports. Company Any authority provides the necessary data to the platform in accordance with the provisions of this Decree by Law and its Executive Regulations. This includes federal and local governmental authorities and institutions, private sector companies and institutions operating within the state or in free zones, financial institutions, insurance companies, and insurance-related professions licensed by the Central Bank, or any other authority deemed by the company as a potential data provider. : Provider Any natural or legal individual who consents to obtaining KYC report concerning such individual. : Client The authority entitled to obtain KYC report in accordance with the provisions of this Decree by Law and its Executive Regulations. : User Data, information, documents, and official papers related to the client, which shall be provided to the user to enable prior verification of the client in accordance with the provisions set forth in the Executive Regulations hereof. : Data of “Know your Client” A report issued by the company based on the client approval and the user request, including KYC data. : Report of “Know your Client” Prior approval from the client, whether in writing, digitally or by any other legally acceptable means, in accordance with the purposes specified in this Decree-Law and its Executive Regulations. : Client Approval A binding set of controls applied to the data provider and user to regulate the processes of requesting, collecting, storing, analysing, classifying, using, trading, and exchanging KYC data. It also outlines mechanisms for resolving disputes and determining the operational policies and procedures related to such data. : Codes of Conduct

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Article (4) Company Incorporation 1. In the implementation of the provisions hereof, a company shall be incorporated to develop and manage the KYC Platform. Such company shall possess the legal personality and capacity necessary to carry out activities and shall be subject to the provisions of Federal Decree by Law No. (32) of 2021 regarding commercial companies, as amended, or any other alternative law, unless a special provision is stipulated herein or the company articles of association; and 2. The company shall have a board of directors consisting of no fewer than seven (7) members and no more than eleven (11) members, including the Chairman of the Board. The Board shall be chaired by one of the assistants to the Central Bank Governor. The Central Bank shall prepare the company articles of association in coordination with the

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Federal Decree-Law No. (30) of 2024 Regarding “Know Your Client” Digital Platform 4 Ministry, which shall be issued by a resolution of the Cabinet based on the proposal of the Minister. The articles of association shall include all provisions regulating the company, including the following: a. The company name and legal form; b. Ownership of the company, its headquarters, and branches; c. The company objectives, its issued and authorised capital, and the method of payment thereof; d. Procedures and provisions for increasing or decreasing the company capital; e. Formation of the Board of Directors, the method of appointing its members, and determination of the competences, powers, and remuneration of its members; f. Composition, competences, and powers of the General Assembly; g. The company operating system; h. Company dissolution and liquidation; and i. The minimum ownership of the Federal Government in the company capital, the nature of the shares it holds, and the rights granted by these shares to the Federal Government to vote on the resolutions of the General Assembly.

Article (5) Company Activities In addition to the activities stipulated for the company under its articles of association, such company shall undertake the following activities: 1. Establishing and managing the Platform; 2. Regulating the processes of collecting, storing, analysing, classifying, using, sharing, and exchanging KYC data in compliance with the state cybersecurity policies, standards, and guidelines; 3. Issuing KYC reports and any related reports or products, in accordance with the controls defined by the Executive Regulations hereof; 4. Coordinating with the data provider to regulate the acquisition of KYC data; and 5. Preparing and developing tools and standards related to risk assessment.

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Article (6) The Company Obligations Taking into account the provisions of the company articles of association and the controls and resolutions, issued by the Central Bank, in accordance with the provisions of Article (12) hereof, the company shall be obligated to the following: 1. Not to disclose or reveal any KYC data in its possession to others, except as stipulated in this Decree by Law and its Executive Regulations; 2. Implement modern systems for processing KYC data and reports in accordance with the controls and specifications defined by the Executive Regulations hereof; 3. Protect KYC data transmitted through the Platform from loss, damage, unauthorised or unsafe access, usage, or modification, including the development of tools and measures to handle emergency situations; 4. Comply with the use of KYC data in accordance with the provisions stipulated in this Decree by Law, its Executive Regulations, and the resolutions issued by the Central Bank; and 5. Notify the Central Bank of any violations of the provisions and Executive Regulations hereof.

Article (12) The Central Bank Competences The Central Bank, in its capacity as the competent regulatory authority over the company activities pursuant to such Decree by Law and its Executive Regulations, shall have the following competences: 1. Monitoring and supervising the proper performance of the company assigned tasks; 2. Setting controls under which the company may conduct its activities and provide services; 3. Formulating and issuing codes of conduct applicable to the data provider and user; 4. Specifying the data and information related to the client that the company may request from data providers; and 5. Issuing any instructions or resolutions to the company in line with the provisions of this Decree by Law, its Executive Regulations, and applicable state laws.

Article (14) Penalties 1. A penalty of imprisonment for a period that is not less than (2) two years and a fine that is not less than (AED 50,000) Fifty Thousand Dirhams or one of these two penalties, shall be imposed on: a. Disclosing KYC data or report in circumstances not authorised under the provisions hereof and its Executive Regulations;

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Federal Decree-Law No. (30) of 2024 Regarding “Know Your Client” Digital Platform 8 b. Obtaining KYC report or gaining access without the required approval under the provisions hereof and its Executive Regulations, or through fraudulent means or false information; c. Violating the confidentiality required for KYC data or report; d. Wilfully misrepresenting data or providing false information to the company. 2. It shall be an aggravating circumstance if a public employee or any employee of the company commits any of the offences, specified herein and its Executive Regulations; and 3. The imposition of the penalties stipulated herein shall not prejudice any severer penalty stipulated in any other law, nor shall it affect the civil liability of the violator.

Article (16) Executive Regulations The Central Bank shall prepare the Executive Regulations hereof in consultation with the relevant state authorities and shall issue it by a resolution of the Cabinet based on the proposal of the Minister. The Executive Regulations shall, at a minimum, include the following: 1. Identifying the nature and description of data providers; 2. The mechanism for supplying the Platform with data, its type, and nature; 3. The rights and obligations of all concerned parties; 4. Specifications and standards for laws used to store, process, protect, and issue all KYC data and reports; 5. The controls under which the client may access the details of KYC report; 6. The controls governing the issuance of KYC reports regarding any debtor of the user; and 7. The mechanism for submitting, examining, and handling complaints related to data.

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