Welcome to Idenfo Direct Qatar: Your compliance partner

Ensuring compliance with the e-KYC regulation by QCB

The Qatar Central Bank (QCB) has implemented Electronic Know Your Customer (e-KYC) laws for licenced firms, marking an important step in the reliability and openness of the financial sector in Qatar. These rules mark a significant change in the governing framework and demonstrate the QCB’s dedication to preventing fraudulent activity and guaranteeing strong risk management procedures throughout the industry.

The QCB’s mandatory e-KYC laws aim to tackle the growing issues of money laundering, funding of terrorism, and other criminal activities. The objective of the QCB is to improve client surveillance processes, expedite onboarding procedures, and fortify general compliance regimes in the banking industry by providing explicit guidelines and norms for e-KYC implementation.

Organisations that fall under the purview of the QCB’s e-KYC regulations must comply with strict guidelines, which include putting in place strong procedures, rules, and monitors in addition to implementing cutting-edge technology to streamline and optimise customer authentication methods. In addition to being required by law, licensed businesses must strategically adhere to these laws in order to protect their brand, reduce risk, and keep stakeholders’ faith in them.

Where we come in

At Idenfo Direct we are aware of the difficulties and complications involved in complying with the QCB’s e-KYC requirements. Being a top supplier of technology and advisory services for AML, we’re in an excellent spot to help organisations adopt outstanding e-KYC procedures and navigate the complexities of conformance to regulations.

Licensed businesses may take advantage of our technological solutions and experience by working with Idenfo Direct Qatar to manage the intricacies of e-KYC conformity confidently and easily. With our assistance, organisations may improve their legal compliance stance, reduce risk, and cultivate a sense of trust among all parties involved, consumers, and authorities.

Our state-of-the-art e-KYC technologies enable organisations to improve client verification methods, expedite onboarding processes, and reduce the risk of money-related criminality as a supplement to our consultancy services. With the help of cutting-edge technologies like Face Recognition, Anti-Fraud Checks, OCR & Liveness Examinations, and Name Testing, our computerised framework helps organisations to accomplish previously unheard-of levels of safety, effectiveness, and reliability in their e-KYC activities.

Our staff of knowledgeable regulatory specialists provides thorough advising services that are suited to the particular needs and demands of licensed businesses engaged in the finance sector in Qatar. Our services range from risk evaluations and conformity support services to the evaluation and creation of AML-related guidelines, processes, and structures. We offer entities strategic insights and useful advice to help them create strong compliance programmes that meet QCB regulations.

Advisory services

Our advisory services comprise of:

  • Assessment and drafting of AML related policies, procedures, and frameworks
  • Compliance support services
  • Risk assessment
  • Training awareness

E-KYC technology solutions

Our E-KYC technology solutions cover various aspects of the compliance process, including:

  • Onboarding
  • OCR & liveness checks
  • Anti-fraud checks
  • Name screening
  • Facial recognition
  • Risk-scoring

Mapping Idenfo's capabilities with the QCB e-KYC regulation

The QCB e-KYC regulation mandates the following governance requirements:

  1. Clear e-KYC policy, procedures, processes, and controls
  2. Reporting of financial crime
  3. Conducting e-KYC risk assessment
  4. Allocation of dedicated resources for e-KYC
  5. Robust, detailed, and timely reporting regarding e-KYC

We can assist entities in complying with these requirements through quick assessment of your policy, procedures, processes and controls, redrafting/enhancement of policies and procedures, risk assessment, regulatory notification and reporting, internal communication campaign and setup of support services such as transaction monitoring and screening alert management.

QCB requirements for documentation:

QCB requirements for documentation:

Use of scanning tech in registration

Support for text ID and Multiple languages

Screening national sanctions lists

How Idenfo can help:

Multiple document upload and instant verification

OCR and relevant languages in this region

International Sanction lists, PEP, Local blacklists, Adverse Media

For customer registration:

Provide e-KYC across channels (i.e., mobile, web)

Application of geofencing rules and IP verification

Use multi-factor authentication (OTP)

Liveness detection through randomised actions

Control re-registration after failure

How Idenfo can help:

Mobile SDKs, web application, and APIs available

IP detection technology

MFA and OTP

Randomised actions on liveness detection

Full audit trail and workflow

Identity verification requirements

For IDV:

ID Live scan and collection of customer's

Use of digital onboarding form

Biometric verification

Verify the authenticity of ID document

How Idenfo can help:

Multiple document upload and instant verification for both individuals and companies

For both - individuals and companies

NFC Chip reader on mobile

Verification of security elements of IDs

At Idenfo Direct Qatar, we’re dedicated to providing all-inclusive solutions that help organisations comply with the QCB e-KYC regulation’s standards. Our proficiency in providing assistance and state-of-the-art technological enhancements makes us your reliable regulatory ally in Qatar.

To download the original document from the Ensuring Compliance with the e-KYC Regulation by QCB click below:

Let us help you grow your business

Secure, frictionless, & fully compliant digital onboarding.

Keep up with Idenfo Direct

Don’t miss out on our latest features and stay ahead of the trends in identity verification

Copyright © 2024 Idenfo Direct. All Rights Reserved.

Idenfo direct MENA - digital onboarding platform

ENTER EMAIL TO DOWNLOAD

Where are you signing up from ?