Know Your Customer (KYC)

Know Your Customer (KYC) refers to the regulatory process of verifying the identity of clients to prevent fraud, money laundering, and financial crimes. In the UAE, KYC compliance is mandatory under Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). Financial institutions, real estate firms, and designated non-financial businesses must conduct customer due diligence (CDD), verify Ultimate Beneficial Ownership (UBO), and report suspicious transactions to the Financial Intelligence Unit (FIU). The Central Bank of the UAE, Dubai Financial Services Authority (DFSA), and Abu Dhabi Global Market (ADGM) enforce KYC regulations across various financial sectors.

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Know Your Customer (KYC)