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UAE: CBUAE, SCA, DFSA, and FSRA issue guidelines for financial institutions adopting enabling technologies
The Central Bank of the UAE ('CBUAE'), the Securities and Commodities Authority ('SCA'), the Dubai Financial Services Authority ('DFSA') of the Dubai International Financial Centre ('DIFC'), and the Financial Services Regulatory Authority ('FRSA') of the Abu Dhabi Global Market ('ADGM') have jointly issued guidelines for financial institutions adopting enabling technologies ('the Guidelines') following a public consultation in June 2021. In particular, the Guidelines outline cross-sectoral principles and best practices for financial institutions when adopting enabling technologies including, application programming interfaces ('APIs'), big data analytics and artificial intelligence ('AI'), biometrics, cloud computing, and distributed ledger technology, and apply to all financial institutions that are licensed and supervised by any of the abovementioned regulators and that utilise the enabling technologies, irrespective of the financial activities conducted.
In this regard, the DFSA noted that the objective of the Guidelines is to promote the safe adoption of these technologies by financial institutions embarking on innovative activities across the UAE in a manner that proactively and appropriately manages the risks arising from such adoption.
You can read the press release and the Guidelines here.
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