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New Open Finance Regulation Goes Live In UAE
The Central Bank of the United Arab Emirates (CBUAE) has published its Open Finance Regulation, a key part of the central bank’s Financial Infrastructure Transformation (FIT) programme.
Under the regulation, participation in the country’s open finance framework is mandatory for all licensed financial institutions (LFIs), the central bank said.
As data holders and service owners, LFIs are required to provide open finance participants with access to customer data and the ability to initiate transactions from accounts and products (with users’ “express consent”).
The regulation consists of a Trust Framework, an Application Planning Interface (API) Hub and Common Infrastructural Services, which provide open finance access for the cross-sector sharing of data.
The regulation has been published in the official gazette and will come into effect in phases. The issuance of the Open Finance Regulation also results in an amendment to the Retail Payment Services and Card Schemes Regulation, the central bank added.
Nigeria Looks Forward To FATF Greylist Removal
The head of a key anti-corruption organisation has said he is confident that Nigeria will soon be removed from the jurisdictions under increased monitoring by the Financial Action Task Force (FATF).
Dr Musa Adamu Aliyu, chair of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), said his organisation has been closely involved in measures aimed at tackling deficiencies in anti-money laundering (AML) and other areas.
Aliyu was speaking at a two-day workshop for law enforcement officers organised by the Anti-Corruption Academy of Nigeria on Anti-Money Laundering and Countering the Financing of Terrorism.
He said the workshop and other similar initiatives demonstrate that stakeholders in Nigeria are “committed” to ensuring that the country exits the “challenging status” imposed by the greylist.
Nigeria was placed on the FATF greylist in February 2023 due to a rise in capital inflows and deficiencies in combating money laundering, terrorism and arms financing.
