AbuDGM Fintech Third Party Services
On Apr. 2, AbuDGM issued rules for fintech firms' third party services.
- AbuDGM introduced regulatory framework for third party financial technology services.
- Issued amendment No. 2 to the Financial Services and Markets Regulations 2021.
- Also updated Conduct of Business rules; Anti-Money Laundering and Sanctions rules and guidance; Prudential – Investment, Insurance Intermediation and Banking rules.
- Framework Overview
- Defined providing third party services; and exclusions, such as payment or securities settlement system requiring accessing, processing or transfer of specified information.
- Focused the new regulated activity for third party providers (TPPs) on accessing, processing as well as transferring of specific types of customer data.
- Provided regulatory obligations for TPP in areas of data protection and privacy, conduct of business, technology risk, anti-money laundering and countering terrorist financing.
- Gave customers and businesses more control over wider range of their financial data.
- Additional amendments include, among others, rules for TPPs professional indemnity insurance, customer due diligence information portability, contractual arrangements.
- Also on record keeping, outsourcing of operational functions, authentication, liability.
||PR, 4/2/2021; RF, COBS_VER10.310321, AML_VER06.310321, PRU_VER09.310321, GLO_VER12.310321, 3/31/2021; Fintech
||AML; Compliance; Financial; Market Conduct; Operations; Outsourcing; Privacy; Record Retention; Reporting; Risk; Settlement; Suitability; Technology
||United Arab Emirates
||Banking; Corporate; Insurance; Securities
|Reg. Last Update
Last substantive update on 04/06/2021