Residents and citizens of the United Arab Emirates (UAE) can now use a paperless direct debit marketplace. The UAE Central Bank has approved the launch of the marketplace developed by Direct Debit System, enabling payers and merchants to use it to make recurring monthly payments and including it in the UAE Direct Debit System (UAEDDS) ...

The Central Bank of the UAE (CBUAE) has issued new anti-money laundering and counter-terrorism financing (AML/CFT) guidelines for licensed financial institutions (LFIs), which include banks, finance companies, exchange houses, insurance companies, agents, and brokers. The guidelines focus on the use of digital ID mechanisms that LFIs should employ on an ongoing basis to perform customer ...