The Qatar Central Bank’s (QCB) recent rollout of new e-KYC regulations signifies a major advancement in the financial sector’s digital evolution. These regulations are critical for bolstering security and streamlining operations in modern banking, and underscore Qatar’s dedication to creating a secure and technologically advanced financial landscape aligned with international standards. By integrating measures like NFC-enabled identity verification, advanced biometric checks, and stringent data protection protocols, these regulations set a new benchmark in digital banking compliance and innovation
This blog will provide an overview of some of the most notable changes and how solutions like Facephi can enable financial institutions to seamlessly adapt to the QCB’s most stringent requirements.
An Overview of Qatar’s New e-KYC Regulations
The QCB’s e-KYC regulations set a comprehensive framework for customer documentation, registration, identification, and verification processes in the financial sector. Key aspects include:
- Regulated entities wishing to implement e-KYC processes, or outsource it, will be obliged to obtain approval from the QCB.
- Personal data collection should be clearly defined and always consent-based.
- Use of the national ID and ICAO compliant passport for non-national ID holders is mandatory.
- Scanning technologies and NFC are to be utilised for efficient data collection.
- Adherence to the Personal Data Privacy Protection Law for data security.
- e-KYC solutions may utilise AI and machine learning for accurate identification and verification.
- The solution must support text identification, text-to-speech, and Arabic and English languages.
- Entities are required to ensure the validity and authenticity of uploaded identification documents.
- Continuous screening and reviewing of national and other sanctions lists are mandated.
- Multi-channel registration options such as mobile apps and online portals are recommended.
- Strong encryption algorithms are required for data storage and transmission.
- Geo-fencing rules and IP verification are to be applied for location verification.
- Entities must implement multi-factor authentication measures.
- Entities are encouraged to use advanced biometric technologies, such as facial recognition and fingerprint scanning, for enhanced identity verification, in accordance with the latest standards in secure customer authentication.
- Randomised real-time actions for liveness detection are necessary to prevent fraud.
- e-KYC solutions must implement visual verification techniques for document authenticity.
Our Alignment with Regulatory Requirements
Facephi’s innovative identity verification solutions are in perfect harmony with the QCB’s new e-KYC regulations. Our state-of-the-art technology is tailored to meet the dynamic needs of modern financial institutions, ensuring they stay ahead in a rapidly evolving digital landscape.
- Advanced multi-biometric support, including facial, fingerprint and behavioural
- NFC-ready and OCR-enabled tech seamlessly reads Arabic and English.
- Superior randomised liveness detection ensures robust fraud prevention.
- Sophisticated algorithmic technology to counter fraud and comply with AML regulations.
- Geo-fencing, IP verification, and multi-factor authentication enhance security.
- Consent-based data collection and the highest encryption and data storage standards.
- Continuous screening against real-time PEPs, sanctions, blacklists, and adverse media watchlists through connections to government and other databases.
- Flexible integration options including SaaS, hybrid, or on-premises, for seamless multi-factor authentication.
Facephi’s Commitment to the Middle East
Our solutions, designed with precision and care, not only meet but exceed the requirements set forth by the QCB, ensuring that financial institutions can easily transition into this new era of digital banking.
As the provider with the largest number of financial clients, including leading global banks and fintech companies, Facephi is uniquely positioned. We stand ready to partner with financial institutions in Qatar and beyond, leveraging our extensive experience and client base to drive the future of secure and innovative financial services.
For more information about identity verification for financial services with Facephi, click here.
