Dubai plans to launch a blockchain consortium to develop a know-your-customer (KYC) framework.

The framework aims to help prevent trade-based financial crime, money laundering, and sanctions violations.

Consortium roles

The consortium comprises blockchain firm Norbloc, Dubai International Financial Centre (DIFC) and Mashreq Bank.

The KYC blockchain service will be developed and maintained by Norbloc. DIFC and Mashreq Bank will promote the service throughout Dubai according to the Emirates News Agency.

Programme aims

The project is expected to be launched at the beginning of 2020 and is intended to provide data-sharing services to businesses in the region.

The initiative aims to facilitate faster, more secure onboarding and exchange of supporting documentation via advanced distributed ledger technologies.

The programme also outlines the creation of a Consortium Agreement to govern KYC efforts among future participating banks, government bodies, financial institutions, as well as other licencing authorities that subscribe to the platform.

Categories: Trade Based Financial crimes News