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Qatar has issued new rules for electronic know-your-customer (eKYC) identity verification to combat financial crime and money laundering. The new rules, issued by the Qatar Central Bank (QCB) in October 2023, require all financial institutions in Qatar to implement eKYC measures for all new customers and existing customers who have not yet undergone eKYC verification.
The new eKYC rules require financial institutions to collect and verify their customers’ identities using electronic and physical methods. Electronic methods can include collecting biometric data such as fingerprints or facial scans or using government-issued digital IDs. Physical methods can collect copies of customer identification documents such as passports or driver’s licenses.
The QCB has also issued guidelines on how financial institutions should implement eKYC measures, including collecting and storing customer data and conducting risk assessments. The guidelines also require financial institutions to have a process for customers to dispute inaccurate or incomplete information.
The new eKYC rules are part of a broader effort by the QCB to strengthen the country’s financial system and combat financial crime. The QCB has also implemented several other measures in recent years, such as requiring financial institutions to report suspicious transactions and to implement know your customer (KYC) and anti-money laundering (AML) procedures.
The new eKYC rules are expected to impact financial institutions in the region significantly. Therefore, financial institutions must invest in new technology and systems to comply with the new regulations. Moreover, it is also expected to positively impact customers, making it easier for customers to open accounts and access financial services; thus preventing fraud and identity theft.
