What is Contract Management? A Complete Guide for Businesses

Posted on June 2, 2025 | by Tanya Narayan

🗒️ Key Highlights

Contract management helps enforce KYC and AML regulations by incorporating relevant clauses into contracts and tracking compliance throughout the contract lifecycle, reducing non-compliance risk.
Manual contract management is prone to errors, delays, and miscommunication. It’s time-consuming and often lacks the visibility needed to monitor compliance or track contract obligations effectively.
Contract management tools provide an organized, accessible record of all contract data, making it easier to comply and provide the necessary documentation during audits.

If you’re managing contracts manually, your cycle probably looks like:

Chasing after signatures and approvals, and somehow always losing track of who’s signed and who hasn’t.
Digging through stacks of paper or scrolling endlessly through folders, just to find that one contract you need.
Juggling multiple stakeholders, each with their own priorities and timelines, makes everything take longer and feel more chaotic.
Trying to keep up with compliance deadlines but missing some along the way due to manual tracking.
Constantly re-entering data and updating documents because everything is still being handled on paper or in different systems.

Sound familiar? These inefficiencies are already costing you time and money. In fact, a survey confirmed this. On average, a company loses 9% of its annual turnover just from contract mismanagement (source: WorldCC).

But the good news is, it doesn’t have to be this way. Grab your cuppa coffee, and let’s dive into how you can rethink contract management for better efficiency and less risk.

What is Contract Management?

When we talk about contract management, we’re referring to the structured process of overseeing every stage of a contract’s lifecycle.

From its creation to execution, monitoring, and eventual renewal, contract management is a critical function that ensures all parties involved are held accountable to their commitments.

In simple terms, it’s about managing the agreements your business enters into while making sure risks are minimized and opportunities are maximized.

Why is Contract Management Necessary for KYC and AML?

For industries like fintech, payment processing, and crypto, the ability to manage contracts effectively can make the difference between staying compliant and facing penalties.

Clearly Defined Compliance Obligations

Contracts can specify the procedures for identity verification, due diligence checks, and the documentation required. By defining these obligations in the contract, businesses set clear expectations for both parties from the start, ensuring compliance is built into the process.

Tracking KYC and AML Requirements

Contracts can outline the need for periodic updates, document revalidation, and reporting. With a well-managed contract, businesses ensure these regular obligations are not overlooked, helping maintain continuous compliance.

Mitigating Risks with Clear Roles and Responsibilities

Contract management helps by defining who is responsible for carrying out KYC and AML checks, reducing the chances of oversight. Clear assignment of roles ensures that compliance duties are consistently fulfilled and helps avoid the risk of non-compliance, which can lead to financial penalties or reputational damage.

Easier Audit Trails

Financial institutions are often subject to audits.

Well-managed contracts ensure there is a clear, accessible record of compliance actions taken at every stage. This audit trail makes it easier to demonstrate that KYC and AML procedures were followed, ensuring transparency and accountability.

Now that we’ve defined what contract management is and why it’s necessary, let’s dive into the key stages that make up the contract lifecycle.

Key Stages of Contract Management

The contract management lifecycle consists of five key stages. Let’s walk through these stages, from identifying the need to successfully closing out and renewing the agreement.

1. Identification of Need and Requirements

The first step in contract management is identifying the need for a contract and defining its scope. Whether you’re onboarding a new client, forming a partnership, or signing with a vendor, this stage is about setting clear, measurable objectives.

Key actions at this stage include:

Assessing business needs and understanding the type of agreement required (e.g., service agreement, partnership, vendor contract)
Gathering input from key stakeholders (legal, compliance, procurement)
Defining clear goals, deliverables, and timelines

This stage is vital for ensuring that contracts comply with KYC/AML regulations and align with business objectives.

2. Drafting, Negotiation, and Legal Review

Once the need for a contract is identified, it’s time to draft the agreement and enter negotiations. This stage focuses on aligning both parties’ interests, refining terms, and ensuring the contract meets legal and regulatory standards. The process includes:

Drafting the contract with agreed terms and conditions
Negotiating deliverables, payment terms, and timelines
Involving legal teams to review terms and ensure compliance with laws such as KYC, AML, and other regulatory frameworks
Redlining and revising the document to meet both parties’ expectations

For financial businesses, this is a critical stage to ensure that all legal compliance requirements are addressed, particularly concerning data security, privacy, and regulatory frameworks.

3. Onboarding

After the contract is signed, the next step is putting the terms into action. This phase involves setting up the necessary systems, tools, and processes to ensure everything runs smoothly.

At this point, businesses need to ensure all teams are aligned, systems are in place to track progress, and compliance requirements, like KYC and AML checks, are implemented right from the start.

4. Close-out

The final stage of the contract lifecycle is the close-out phase. This is when the contract has been fulfilled, and all obligations have been completed. The contract is formally closed, and all records are archived for future reference.

5. Renewal

As the contract’s term nears its end, the renewal phase kicks in. This is an important stage, as it often presents an opportunity for renegotiation. Businesses can assess whether they are getting the value they expected from the contract, or whether it’s time to update terms.

As we’ve discussed, contract management spans 5 stages. However, to make this process more efficient and secure, the way contracts are managed becomes just as important.

Now, let’s take a look at how manual and digital contract management compare, especially in the context of financial services and compliance.

Manual vs Digital Contract Management

Aspect	Manual Contract Management	Digital Contract Management
Speed and Efficiency	Slow and time-consuming due to manual processes and paperwork.	Faster, with automated workflows and quick access to documents.
Error Rate	High, due to human errors in tracking, filing, and updating.	Low, with automated checks, real-time updates, and version control.
Compliance	Difficulty tracking compliance obligations and deadlines manually.	Easier to ensure compliance with automated reminders, audits, and tracking features.
Visibility and Access	Limited visibility, with contracts stored in physical files or in different locations.	Centralized digital storage allows easy access and real-time visibility.
Security	Risk of document loss or unauthorized access, especially with physical storage.	Enhanced security features like encryption and access control for digital contracts.
Scalability	Challenging to scale as the business grows and contract volume increases.	Highly scalable, able to handle large volumes of contracts without compromising efficiency.

From differences, digital contract management clearly comes out as a winner. Even reports back this. Businesses incur an estimated cost of $122 for every hour an in-house lawyer spends reviewing contracts.

To avoid these inefficiencies, businesses can turn to digital solutions. For example, a digital contracting API can automate the signing process and eliminate the need for in-person meetings. The best part is that these solutions can streamline all this while enhancing security and providing an audit trail.

We are not sure about others, but Signzy’s Digital Contracting API is designed to do just that. Take a demo to learn more.

And that wraps up today’s discussion! Don’t forget to check out our other blogs for more expert advice on topics like KYC, AML, and digital transformation in the financial industry.

Stay ahead of the curve and keep learning with us 🙂

Why is everyone bullish on the gaming and gambling industry of UAE

Why is Everyone Bullish about UAE’s Gaming and Gambling Industry?

Posted on June 2, 2025 | by Tanya Narayan

🗒️ Key Highlights

The UAE has legalized commercial gambling with strict regulation through the GCGRA. Only select licenses are being issued under high compliance standards.
As of 2024, the UAE gaming market is valued at around 460 million dollars. It’s projected to cross 630 million dollars by 2028, with mobile gaming accounting for the largest share.
The UAE offers a rare combination of high ARPU users, top-tier infrastructure, strong regulatory support, and government-backed investment in gaming talent, esports, and localized content.

Every economy has its own leverage point. In the 80s, it was manufacturing. In the 2000s, it was tech. Today, for digitally native populations with high disposable income and cultural openness, it’s controlled entertainment ecosystems, the kind that blends gaming, gambling, and experience-driven infrastructure.

The UAE has figured this out earlier than most.

But what makes it different isn’t just that it’s betting on gaming and gambling. It’s how it’s doing it, not through hype but through system design.

Tight regulation, scarce licenses, public-private investment loops, and a national roadmap that treats gaming like a strategic export, not a distraction.

So, today, we’re going to break down why UAE’s gaming and gambling industry’s optimism is less about speculation and more about structure.

Current State of Gaming and Gambling in the UAE

When it comes to gaming and gambling, the UAE is already operating at scale, with numbers, infrastructure, and regulation that most emerging markets are still planning for.

What stands out here is not just user adoption but how it’s paired with policy clarity and global brand involvement.

For Gaming, the UAE is already operating at scale. Around 73 percent of the population plays games regularly, and 41 percent are paying users, which points to a strong monetization base rather than just passive consumption.
For gambling, the UAE has become the first Gulf nation to legalize commercial gambling, establishing a clear regulatory pathway through the General Commercial Gaming Regulatory Authority. Analysts estimate the casino market here could exceed 8.5 billion dollars, rivaling established global hubs.

If we consider these numbers, it’s feasible to say that the UAE isn’t treating gaming and gambling like isolated sectors.

Demand is already strong, but what makes the UAE different is that supply, from infrastructure to regulation, is being built just as aggressively.

What’s Working for the UAE’s Gaming and Gambling Sector?

Every fast-growing industry needs three things to sustain momentum:

Aligned policy
Real infrastructure
Active flywheel of talent, capital, and demand.

When all three show up at once, growth stops being reactive and starts becoming engineered.

That’s exactly what’s happening in the UAE.

The country’s rise in gaming and gambling isn’t coming from one lucky break. These are the eight big forces working together to drive that compounding effect.

1. High-Income and Digitally Native Population

The UAE has one of the youngest and most connected populations in the region. Smartphone penetration is above 90 percent, and digital content consumption is among the highest globally. The average annual spend per gamer is estimated at 95 to 115 dollars, much higher than global averages in emerging markets.

This matters because it reduces the cost of customer acquisition and increases lifetime value, two of the hardest levers to solve in gaming economics.

2. Government-Led Vision and Execution

The UAE has made gaming and gambling part of national economic planning.

Here are two pieces of evidence:

The creation of the General Commercial Gaming Regulatory Authority brought gambling into a legitimate, controlled framework.
Simultaneously, Dubai’s 10-year gaming plan aims to position the city among the global top 10 in the industry.

These moves really don’t seem to be just for PR. They’re structural commitments backed by actual policy, budget, and follow-through.

3. Localization and Cultural Fit

Most Western studios fail in emerging markets because they don’t adapt to language, culture, or user behavior. The UAE is actively correcting for that. Arabic-first game content, culturally aligned esports branding, and region-specific tournaments are growing fast. It lays the foundation for long-term retention and community-led growth, especially in mobile and esports.

4. First-Mover Advantage in Legal Gambling

By legalizing commercial gambling ahead of its neighbors, the UAE has positioned itself as the region’s regulatory anchor.

Operators like Wynn Resorts, which secured the first 3.9 billion dollar license in Ras Al Khaimah, are using it as a gateway into the Middle East.

Regulatory clarity attracts high-trust operators and tourists with high spending power. And because licenses are being issued slowly and selectively, the UAE has been building scarcity in the market from day one.

5. Strong Capital Flows and Institutional Backing

Venture capital is only one part of the story. The real differentiator is sovereign-level backing. Funds like ADIA and Mubadala are limited partners in global tech and gaming funds.

Hub71 alone has deployed a 2 billion dollar fund focused on metaverse, blockchain, and gaming startups. This kind of dry powder signals the availability of capital, government alignment, and regional scaling support. It’s a complete investment stack.

6. Real Infrastructure

While most countries start with policies and wait for industry to respond, the UAE is building physical and digital infrastructure upfront.

Yas Creative Hub is designed to house 600+ companies in gaming, media, and entertainment.
VR Park Dubai is already one of the largest of its kind.
Dedicated esports stadiums, gaming lounges, and smart zones are either operational or in development.

This kind of infrastructure density creates gravity for talent, studios, events, and global partnerships.

7. Web3, VR, and Cloud Integration

Instead of replicating the console-first model seen in the US and Europe, the UAE is skipping straight to next-gen formats.

Over 600 blockchain and Web3 firms are active in Dubai and Abu Dhabi. Moreover, cloud gaming is being supported by local telcos and new entrants like Netflix.

And if that’s not enough, see this: AR/VR alone is expected to generate over 4.1 billion dollars in GDP impact by 2030.

These patterns show how the UAE’s economy, along with free zone facilities, is putting early bets on where user behavior and monetization are moving.

8. Education and Talent Development Pipelines

No ecosystem is sustainable without local talent. The UAE knows that. That’s why it’s funding Unity-led game dev programs, introducing esports into schools, and supporting coding boot camps tied to actual production pipelines.

The region won’t be stuck importing talent forever. It’s building the human capital required to export its own games and IP.

How to Prepare Your Gaming or Gambling Business for the UAE

If you’re in gaming or gambling, this is one of the few places where infrastructure, policy, capital, and culture are all aligned in your favor.

But it’s not a plug-and-play opportunity.

What works in the West or East won’t work the same here. This market rewards relevance, readiness, and long-term thinking.

Below are five things out of many you must take care of before anything else.

Secure Your Regulatory Ground Early

For gambling operators and casino brands, the UAE is only issuing a few licenses, and those who align early with compliance standards will have an advantage. This isn’t a race to be first. It’s a race to be the most compliant, trusted, and locally aligned.

Build Regionally Relevant IP

Studios and developers should stop viewing the UAE as a pure distribution play. There’s a huge opportunity to create Arabic-first content, culturally relevant storylines, and characters that speak to the region’s digital native users.

View Casino Licensing as a Long-Term Moat

If you’re in hospitality or gambling, don’t expect fast expansion, but know that scarcity will reward early license holders with pricing power, market exclusivity, and policy influence for years.

Invest in the Stack, Not Just the Surface

Infrastructure plays like payment gateways, anti-fraud systems, analytics platforms, and asset middleware will win long-term. The UAE wants to own not just games but also the entire pipeline behind how games are built and monetized.

Treat Adtech and Analytics Like Regulated Tech

If your business touches user data, payments, or in-game ads, align with local compliance standards early. The regulators here move faster than you’d expect, but they reward readiness and transparency

Scaling Gaming or Gambling Business Responsibly

The UAE is one of the few markets where growth comes with clear rules, high expectations, and long-term rewards. But entering this space isn’t just about market size. It’s about readiness. The bar for trust, compliance, and operational discipline is higher here than in many legacy markets.

For platforms looking to grow in such structured, fast-moving environments, the fundamentals need to be built into the stack (not managed manually at scale). That means knowing who your users are, verifying them quickly, and staying aligned with complex regulatory requirements from day one. Some other reasons include:

Age restrictions are real, and enforcement isn’t optional
Onboarding needs to be fast, but never loose
Fraud checks must run silently in the background
Compliance shouldn’t slow growth, it should scale with it
Risk profiles change fast, your systems need to keep up

Signzy’s suite of APIs, including Age Verification, KYC, Liveness Check, PEP Screening, Criminal Screening, and DL Verification, helps businesses navigate these expectations without slowing down onboarding or compromising user experience. Whether you’re entering the UAE or scaling into any compliance-intensive market, these tools are built to help you move faster with less friction.

To explore how Signzy can support your expansion into regulated, high-growth markets, book a demo here.

AML Registration in UAE: Step-by-Step Process Guide [2025]

Posted on May 30, 2025 | by Tanya Narayan

🗒️ Key Highlights

Registration is only mandatory for businesses operating in sectors identified as high-risk for money laundering or terrorism financing, including FIs, DNFBPs, and VASPs.
The Org ID is a unique identification number assigned to your business once AML registration is approved. It’s required for all future reporting and portal access.
Businesses can outsource reporting responsibilities to third-party consultants, but both entities must be registered on the goAML portal, and access must be officially granted.

Anything that moves fast needs checks to stay stable.

Financial systems are no different. Without built-in friction, bad money flows just as easily as good money.

That’s what AML registration solves. It slows things down just enough to make illegal activity harder and accountability easier.

In the UAE, this isn’t optional for certain businesses. If you operate in sectors like real estate, precious metals, crypto, or professional services, you’re expected to register, report, and stay alert.

If you want to do AML registration in UAE, grab a cuppa coffee, and let’s go through the entire process, step-by-step.

Understanding AML Registration

AML registration is basically your business getting on record with the UAE government to say you’re following anti-money laundering rules.

In the UAE, AML registration is overseen by the Financial Intelligence Unit (FIU), which runs the goAML platform. Depending on your business type, you might also deal with other authorities like the Central Bank, Ministry of Economy, or Dubai Financial Services Authority.

These bodies make sure you’re not just registered but also actually doing what’s required, like appointing a compliance officer, setting up internal checks, and staying alert to suspicious activity.

Who Must Register for AML in the UAE?

Not every business needs to go through AML registration, but if you deal with money, high-value assets, or client trust, there’s a good chance you’re on the list.

The UAE has clearly defined which sectors are considered high-risk for money laundering or terrorism financing, and these are the ones that need to register on the goAML portal and follow AML rules.

Category	Examples
Financial Institutions (FIs)	Banks, insurance companies, exchange houses
Real Estate Sector	Brokers, developers, and agents involved in property transactions
Dealers in Precious Metals and Stones (DPMS)	Jewelry businesses, gold, and diamond dealers
Virtual Asset Service Providers (VASPs)	Crypto exchanges, digital wallet providers
Corporate Service Providers	Businesses offering company formation, nominee director services
Legal Professionals	Law firms, notaries (if engaged in financial or asset transactions)
Accounting and Audit Firms	Accountants, auditors, tax advisors

Even if your business doesn’t handle cash directly, offering services that can be used to hide or move money puts you on the radar. If you’re in doubt, it’s safer to assume registration is needed and verify with a compliance expert.

💡 Related Blog: KYC requirements for UAE in 2024

Step-by-Step Guide to the AML Registration Process

Whether you’re setting this up for the first time or helping someone else do it, here’s exactly how it unfolds. The typical AML registration process has seven steps:

Step 1 – Confirm if Registration Applies to Your Business: Start by checking if your company falls under any of the regulated categories from the above table (double-check with a compliance officer). If yes, registration isn’t optional.

Step 2 – Appoint a Compliance Officer and Gather Documents: You’ll need to assign someone as your AML point of contact. Their documents (e.g., passport, visa, Emirates ID, and authorization letter) will be part of the registration file. Also, get your trade license and business ownership info ready.

Step 3 – Complete Pre-Registration via SACM: Before anything goes into the goAML system, you need access. That starts with registering on the SACM (Service Access Control Manager) portal. This step gives you login credentials and sets up your Google Authenticator access for secure sign-in.

Step 4 – Log into goAML and Set Up Your Entity Profile: Once you’re through SACM, head to the goAML portal. Log in using the credentials and two-factor code. Then, complete your organization’s profile, enter business details and compliance officer info, and assign the correct regulatory authority.

Step 5 – Wait for Approval and Receive Org ID: After submission, your application is reviewed by the relevant authority. Once approved, you’ll receive your official goAML Organization ID. This is what links your business to the system for reporting.

Step 6 – Have Your Internal AML Controls Ready: This isn’t something you do after getting approved. You’re expected to already have your AML policy in place (customer checks, transaction monitoring, risk assessments). If regulators ask for it during the process, you should be ready.

Step 7 – Start Reporting: Once fully registered, you can begin reporting suspicious transactions, high-risk dealings, or flagged clients through the goAML portal. You’re officially live and accountable from this point forward.

Every step builds on the last, so skipping ahead or missing a detail can delay your approval. Do it clean, do it right the first time, and your business stays on the right side of UAE compliance.

Key Documents and Information Required for Registration

Before you dive into AML registration, make sure your paperwork’s tight. The authorities won’t even look at your application if basic documents are missing or unclear.

Most of what’s required is standard business documents, but there are a few AML-specific additions you’ll need to prepare upfront.

Here’s what typically needs to be submitted:

Trade License: A valid commercial or professional license for your business
Compliance Officer Documents: Copy of passport, Emirates ID, and residence visa of the appointed AML compliance officer
Authorization Letter: Signed letter authorizing the compliance officer to act on behalf of the company for AML matters
Organizational Structure: Basic outline of ownership, partners, and business activities
Contact Details: Accurate email and phone number for official communication
Google Authenticator Setup: You’ll need to install the app on the compliance officer’s phone for 2FA during goAML access
Additional Licenses (if applicable): Any sector-specific permits or approvals depending on your business activity

Some authorities may ask for extra stuff depending on your business type, so it’s wise to check before you hit submit.

Now that you ‘shave working knowledge of what’s AML registration in UAE, it process, document requirements, let’s see what can happen if you don’t comply.

Consequences of Non-Compliance

The UAE has zero tolerance for businesses that ignore AML laws, and the penalties aren’t light warnings. They hit hard, both financially and reputationally. Here’s a quick snapshot:

Violation	Penalty
Failure to register on goAML	AED 50,000 to AED 5,000,000
Not appointing a Compliance Officer	Heavy fines + possible business review
Delayed or missing STR/SAR submissions	Financial penalty + regulatory scrutiny
Incomplete or incorrect documentation	Application rejection or delays
Not implementing internal AML controls	License suspension or revocation
Repeat or willful violations	Criminal investigation or prosecution

As you can see, whether it’s missing registration deadlines or failing to report suspicious activity, the fines stack up fast and can even lead to criminal charges.

Ongoing compliance is where most businesses slip, not because they ignore the rules but because manual checks can’t keep up with evolving risks.

That’s where smarter infrastructure helps. Tools that handle KYC verification, PEP screening, and UBO checks in real-time reduce the load without cutting corners. Signzy’s API stack fits right into that layer. It’s built to support compliance teams who want faster onboarding, cleaner records, and fewer gaps in their process.

If staying compliant is a priority, your tech should reflect that.

Bringing KYC to Every Corner of India with RBI: Video KYC, Security, and More

Posted on March 28, 2025 | by Tanya Narayan

🗒️ Key Highlights

RBI selected Signzy for its regulatory sandbox to pilot unassisted Video KYC, marking a shift toward fully automated verification.
Signzy’s vKYC currently supports over half a million video calls every month, with infrastructure tested for concurrency, uptime, and failover scenarios.
More than 30 banks, NBFCs, and financial institutions across India trust this system to onboard users every day (not as a pilot, but as part of core business operations).

On April 1, 2025, the Reserve Bank of India will complete 90 years. That’s 90 years of shaping how India banks, saves, invests, and grows. A milestone like this isn’t just about looking back. It’s about taking a moment to see how far the system has come and how many lives it has touched along the way.

Since the early 2010s, we’ve had the chance to be a small part of that journey. From experimenting with digital onboarding to building KYC tools that reach people in the most remote corners, every step has been about making finance simpler and more inclusive.

Let’s take a look at what’s been built together with RBI and the vision that continues to guide what we build next.

A Shared Vision for Inclusive Finance

In a country as diverse and complex as India, where access often depends on geography or circumstance, the ability to engage with formal finance can change lives. RBI has played a central role in enabling this by streamlining processes and setting clear regulatory paths.

This way, it is now easier for institutions to reach everyone, from the underserved to the urban user.

From the early push to bring banking to rural India to supporting digital payments and UPI, RBI’s intent has been clear: make finance available to everyone, not just the privileged few.

Look closely, and the pattern shows up everywhere.

In villages where branch infrastructure is still limited.
In urban slums, paperwork is often rejected.
In small towns where people want to save, invest, or insure but don’t know how to begin.

Tools need to be built with those realities in mind. Not just high-tech, but high-reach. Not everyone will have perfect documents, a 4G connection, or a quiet room for verification. But everyone deserves a shot.

💡 Related Blog: How has Video KYC Verification evolved in 2023?

At Signzy, we’ve tried to build in the same spirit. From the beginning, our focus has been to make onboarding tools that don’t assume high-speed internet, tech-savviness, or urban infrastructure. If something only works in Tier 1 cities, it doesn’t really work for India.

Our Video KYC journey reflects that belief. And our work with RBI as a partner has pushed us to stretch that belief even further.

Together, we’re changing what that entry point looks and feels like.

Solving the KYC Bottleneck

For years, KYC has been the silent friction point in financial services. Everything else could be digital (e.g., account opening, app journeys, customer support), but identity verification dragged behind.

Manual checks took days, required in-person visits, and made the cost of onboarding disproportionately high. Even when financial institutions moved to online flows, the process still broke down too often. Document uploads failed, images were unclear, users didn’t know what went wrong. Completion rates stayed low, especially in rural or low-bandwidth settings.

This is where the bottleneck really showed. Not in policy or in product, but in that one moment where a user had to prove who they were, and the system couldn’t keep up.

RBI recognized this early. It permitted new methods like video KYC and actively pushed the ecosystem to explore them. Through innovation contests, sandbox environments, and regulatory clarity, it set the tone: identity verification had to become faster, safer, and more inclusive.

That shift in direction gave space for players like Signzy to build systems that could meet those expectations. Before diving into how Signzy took it a step further, let’s understand how the solution works in general.

How Does Video KYC Work

Good onboarding feels invisible. That’s exactly what video KYC was designed to do.
Whether someone starts the process from a bank app, website, or shared link, the experience is the same: simple, direct, and fully guided.

Here’s how it works, step by step:

Session starts via a link or embedded widget: Customers begin their journey through a secure web link or in-app flow. No installations and no friction. The front-end handles pre-call checks, network, camera, mic, VPN restrictions, and device compatibility.
Document and PAN verification in real-time: The customer is prompted to show their PAN or other valid ID to the camera. OCR extracts data live, and PAN is verified instantly through APIs. Any mismatch is flagged immediately for correction.
Live face match and passive liveness detection: Advanced AI compares the customer’s face to the document photo, confirming the identity and detecting spoofs (e.g., masks, pre-recorded videos) without interrupting the flow.
Agent joins for final checks and Q&A: A trained KYC agent conducts dynamic questioning guided by configurable rule engines. Responses are assessed alongside captured data, ensuring both compliance and fraud prevention.
Outcome is logged, time-stamped, and audited: The entire session (including video, screenshots, document scans, face match results, and network diagnostics) is logged. All data is stored securely and is accessible through a real-time admin portal and MIS dashboard.

No uploads. No silent failures. Just one clean, human interaction.

The entire process wraps up in minutes, and the user walks away verified.

What Makes Signzy’s vKYC Solution Powerful

Once the bottleneck was reimagined, it had to be rebuilt with infrastructure that could actually deliver.

Here’s what makes Signzy’s vKYC platform resilient, scalable, and truly inclusive:

Works on 75 kbps connections: Designed to operate even on low-speed mobile data, making it accessible to users in remote or low-infra bandwidth regions.
Supports 9 Indian languages: The interface, prompts, and agent workflows are multilingual by design, so customers aren’t forced to navigate in a language they’re not comfortable with.
Advanced spoof and liveness detection: Detects pre-recorded videos, static images, or screen replays in real-time, protecting against fraud without requiring heavy backend checks.
300+ concurrent calls supported: Built to handle large-scale deployment across multiple regions and teams without performance dips or scheduling conflicts.
Built-in chat, rejoin, and queueing systems: If a call drops or load spikes, the session isn’t lost. Customers can rejoin, chat with support, or reschedule without restarting the process.
96% conversion rate across implementations: Higher completion rates, fewer retries, and increased application acceptance, resulting in lower onboarding costs and faster go-to-market for partners.
Real-time dashboards and automated MIS reports: Get full visibility into call volumes, agent activity, and session outcomes with a 360° dashboard. Daily MIS reports are generated automatically, offering transparency without manual effort.

This feature set was built with India’s unique environments in mind and the belief that inclusion can’t wait for perfect conditions.

Now, the question of security arises. Let’s address that as well.

Security Standards

When it comes to KYC, speed means nothing without security. Every session on Signzy’s platform is encrypted end-to-end and stored with full regulatory compliance.

The system is ISO 27001:2013 and SOC 2 Type 2 certified, with built-in controls for data privacy, audit trails, and secure access across every layer, from agent interfaces to backend dashboards.

Even India’s top regulators have acknowledged this push.

Recognition and Regulatory Collaboration

Regulatory bodies and industry forums played a key role in shaping the direction of what Signzy has built.

RBI Payments Innovation Award (2016 & 2018): Early recognition that identity verification could be reimagined using digital-first infrastructure without compromising on compliance.
Limited Use Authorization for Unified KYC (2022): Approval to enable broader adoption of seamless, cross-platform KYC journeys under a regulated framework.
RBI Sandbox for Unassisted Video KYC (2024): Selected for testing fully automated KYC flows, moving beyond assisted models, and pushing the envelope on trust and scale.
IFSCA Global FinTech Hackathon Winner: Chosen among top global solutions for regulatory-grade innovation in onboarding and identity.
IAMAI RegTech & Fintech Awards (2018–2021): Repeatedly recognized as the most innovative provider in KYC, compliance automation, and financial data handling.
India Fintech Forum – IFTA Awards: Acknowledged for best-in-class RegTech design and operational excellence across consecutive years.

vKYC Use Cases

vKYC’s real strength is how it fits across different parts of the financial ecosystem. Wherever identity verification is a barrier, video KYC makes the process faster, safer, and easier to scale.

Use Case	How vKYC Helps
Bank Account Opening	Fast, compliant onboarding without physical visits
Loan Disbursals	Real-time verification before funds are released
Insurance Onboarding	Policyholder validation with live checks
Mutual Fund KYC	Quick activation for first-time investors
Pension & Retirement Plans	Enables remote onboarding for older or rural users
Credit Card Issuance	End-to-end digital application and KYC validation
CKYC Record Creation	Seamless upload and verification into the central KYC

We offer this through a robust Video KYC API as well as a comprehensive KYC suite that includes DigiLocker, Aadhaar verification, and more. Built to plug into existing systems or run as a full-stack solution, it’s trusted by 30+ institutions across India, including the likes of Union Bank, Citi Bank, Tata Mutual Fund, Aditya Birla Capital and more.

And we’re just getting started.

Closing note

A heartfelt thank you to the Reserve Bank of India and every partner who placed their trust in this journey. We’ve come a long way together, but the work is far from done. Onboarding should feel simple, safe, and seamless—no matter who you are, where you’re from, or what device you’re on.

A Tribute to the RBI: 90 Years of Steady Hands and Bold Steps

Posted on March 25, 2025 | by Tanya Narayan

The Reserve Bank of India is turning 90 on April 1, 2025. It’s more than an anniversary. It’s a moment to pause and look at how far India’s financial system has come, and how quietly the RBI has shaped that progress.

From managing currency in the early years to supporting digital payments today, the RBI has stayed focused on building stability, access, and trust in finance. Its role has changed over the decades, but the intent has remained steady.

At Signzy, we’ve been fortunate to contribute to this journey since the 2010s. Our work has aligned with the RBI’s vision in areas like KYC, compliance, and digital transformation.

This blog is our way of saying thank you. A reflection on how RBI’s approach to regulation has grown over time, especially in the world we know best (digital banking, fintech, and identity).

Let’s start by seeing where it all started.

Reserve Bank of India’s Origins

On April 1, 1935, when the Reserve Bank of India opened its doors, few would have imagined the journey it would undertake. The RBI was India’s answer to chaotic currency systems (India witnessed over 570 bank failures in the 1940s alone), frequent bank failures, and a lack of centralized monetary control.

It began as a private entity, regulating currency and acting as banker to the government, but post-independence, it was nationalized in 1949. From that point on, the RBI started shaping India’s economic destiny.

In many ways, RBI is like the infrastructure we don’t see but which never fails. It has walked with India, through wars, reforms, scams, crises, liberalization, pandemics, and digitization. And every time, it has emerged with credibility intact.

RBI’s Timeline of Transformation

The RBI’s journey is filled with moments that quietly changed the way India banks, transacts and trusts the system. Here are 20 key turning points.

1935 – RBI begins operations on April 1 as a private shareholders’ bank, focusing on currency issuance and acting as a banker to the government.
1949 – RBI was nationalized and gained legal authority to supervise and regulate commercial banks under the Banking Regulation Act.
1955 – RBI helps set up the State Bank of India to expand banking services and act as a development arm in rural India.
1961 – Launches Deposit Insurance in the wake of bank failures, protecting small depositors. A first in Asia.
1969 – Executes nationalization of 14 major commercial banks; priority sector lending norms and branch expansion in rural India follow.
1980 – Six more banks are nationalized; RBI deepens focus on inclusive banking and cooperative sector regulation.
1991 – In the wake of a balance of payments crisis, RBI starts deregulating interest rates, launches monetary policy reforms, and liberalizes banking.
1993 – Licenses new private sector banks (e.g., ICICI Bank, HDFC Bank), bringing competition and innovation into mainstream banking.
1997 – Gets power to regulate NBFCs under revised RBI Act, important for managing India’s fast-growing shadow banking space.
2002 – Introduces Real-Time Gross Settlement (RTGS) system, ushering in real-time payments for high-value transactions.
2008 – Responds swiftly to global financial crisis by ensuring liquidity, while maintaining capital buffers and strict NPA recognition norms.
2010 – Launches Base Rate system, replacing benchmark prime lending rate for more transparent pricing of loans.
2016 – Monetary Policy Committee (MPC) established, RBI now sets interest rates through a structured, inflation-targeting framework.
2017 – Formal rollout of UPI gains momentum; RBI supports rapid fintech growth while refining oversight on digital payments.
2018 – Tightens norms for NBFCs and cooperative banks after IL&FS crisis; begins cleanup via PCA and stricter provisioning.
2020 – Allows Video KYC during COVID, accelerating remote onboarding; also launches regulatory sandbox for fintech innovation.
2021 – Rolls out scale-based regulation for NBFCs, classifying them by systemic importance to reduce regulatory arbitrage.
2022 – Releases guidelines for Digital Lending, curbing predatory practices and enforcing direct disbursals and transparency.
2022–23 – Initiates CBDC (Digital Rupee) pilots (wholesale and retail) to explore programmable, sovereign-backed digital currency.
2024 – UPI becomes globally accepted in multiple countries; RBI actively collaborates on cross-border payment frameworks (Project Nexus, etc.).

Achievements Over the Decades

Deposit Insurance	Priority Sector Lending	Bank Nationalization
Protected small depositors during bank failures. First of its kind in Asia	Ensured credit flow to agriculture, small businesses, and weaker sections	Brought banks under public control to push financial inclusion at scale
UPI & Digital Payments Spearheaded UPI, enabling 14B+ monthly transactions and global adoption	Video KYC Enablement Simplified remote onboarding, helping expand access in rural/low-infra areas	CBDC Rollout Initiated central bank digital currency pilots for retail and wholesale transactions
NBFC Scale-Based Regulation Structured NBFC oversight based on size and risk to prevent regulatory arbitrage	Monetary Policy Committee (MPC) Created a formal, data-driven framework for inflation-targeting via MPC	Robust Crisis Management Navigated IL&FS, COVID, and global crises without major financial system failures

Collaboration with Signzy

It’s not every day that a startup gets to co-create with the central bank of a nation. At Signzy, we consider it a privilege.

We were recognized by RBI through the Payments Systems Innovation Awards in 2016 and 2018. More recently, in 2024, we were awarded a place in the Regulatory Sandbox for Unassisted Video KYC, one of the most forward-looking initiatives in digital onboarding.

In our journey, we’ve contributed to making KYC more accessible. Working with banks and regulators, including under RBI’s guidance, we’ve enabled verification, helped rural banks onboard users with minimal infrastructure, and reduced drop-offs in onboarding with AI-powered ID verification.

Our systems now power parts of the digital onboarding stack for several institutions governed by RBI.

Signing Off

RBI’s story mirrors India’s story. Full of resilience, reinvention, and quiet conviction.

And for those of us building at the intersection of finance and technology, the RBI is more than just a regulator.

It’s a reason.

A reason why India could go from long queues in bank branches to instant bank transfers on mobile phones.

We’re proud to have played a small role in this journey, making digital identity more inclusive, KYC more seamless, and compliance less intimidating.

Here’s to 90 years of the Reserve Bank of India. Thank you for being the invisible force that keeps India’s financial heart beating.

And here’s to the next decade. Where trust will still matter, but so will speed, access, and adaptability.

We’re building for that future, with you. ♥️

How to conduct proof of income verification UAE

How to Conduct Proof of Income Verification in UAE | Step-by-Step Process

Posted on December 16, 2024 | by Tanya Narayan

🗒️ Key Highlights

UAE lacks a government system for tracking income, leaving banks, landlords, and employers to rely on self-reported data or documents, which can lead to discrepancies in verification.
Using bank statements for income verification is common, but these can be easily manipulated, complicating the verification process for institutions.
Without income tax, there are no government records to verify earnings, leaving employer-issued documents vulnerable to manipulation.

Numbers don’t lie.

But they certainly know how to hide.

You might glance at a pay stub or a bank statement and think you’ve got everything you need. Sometimes, those small details – the ones you might overlook – can be the ones that matter most.

Verifying income is not always as clear-cut as it seems, especially in UAE where endless types of income categories coexist. Doing this right is about more than just crossing off a checklist.

It’s about making sure everything adds up, not just for the sake of compliance but because you want to get it right from the start.

You don’t want to be left scrambling later on because a tiny thing wasn’t caught early right?

Got 6 minutes? Let’s walk through the steps to ensure your income verification in the UAE is spot on. We’ll make it easy.

What is Proof of Income – Quick Definition

Proof of income refers to official documentation that validates a person’s earnings and financial stability. In the UAE context, this encompasses various financial records such as salary certificates, authenticated bank statements, and formal employment documentation.

Common income verification documents in the UAE include salary certificates (issued by employers), bank statements showing salary transfers, and Emirates ID-linked income certificates. For business owners, valid trade licenses and audited financial statements serve as proof of income.

How to Verify Proof of Income of Different Categories in UAE

Small but mighty – that’s what makes proof of income verification for non-traditional earners in the UAE so interesting. Their income patterns might not follow the usual paths, but verification strategies make all the difference. Let’s see exactly how to handle these unique cases:

💡 Related Blog: UBO Check Guide UAE

Regular Employed Professionals

The fastest and most reliable way to verify proof of income of an employed professional in the UAE starts with obtaining a valid salary certificate. This document must be less than 30 days old and needs to come directly from the employer’s HR department.

What makes a salary certificate trustworthy?

Check the company’s official letterhead, stamps, and authorized signatures.
Contact HR directly – yes, every single time.
Match everything against bank statements showing consistent salary transfers.

When these align, that’s solid proof worth trusting. This three-way verification catches most discrepancies early in the process.

It should be simple since salary usually makes up most of the income of employed professionals. But it doesn’t mean they can have only one source of income. While verifying proof of income, consider all income streams they have, along with salary. Dividend earnings, rental earnings, and consulting fees are some examples.

Business Owners & Investors

In the UAE, you are obliged to verify business before dealing with it. Verifying for proof of income carries even more weight in this category.

Business owners’ proof comes from multiple sources. Start by checking valid trade licences, recent bank statements, and audited financials.

Start establishing patterns of sustainable income now. Look for regular transfers between business and personal accounts. Check how profit distributions match declared income – the numbers should align across all documents.

Freelancers & Independent Contractors

Freelance income verification requires a different approach than traditional employment. Most freelancers in the UAE work with multiple clients or through digital platforms, creating a distinct income pattern.

Examine:

Client agreements alongside bank statements.
Contract if they can provide
Deposits that match contract values
Analyze payment frequency.

Most importantly, monthly bank statements should reflect a consistent flow of business transactions, even if amounts vary. Pay attention to their freelance platform income as well, if any. Payoneer, Upwork, or direct client transfers are some examples. Then, cross-reference these with freelance contracts and client invoices to see how they match the declared income.

Variable Income Professionals

Professionals with performance-linked income need comprehensive verification. These professionals earn through multiple components – fixed pay, commissions, incentives, and bonuses.

To verify, examine each income stream separately before building a complete picture. Track regular base salary deposits alongside performance payouts through bank statements. Here, the goal should be finding predictable patterns in their total monthly earnings despite varying commission amounts.

Spot Red Flags

While automated tools help catch many issues, knowing what to watch for manually remains crucial. Be extra cautious if you spot any of these red flags:

🚩 Salary certificates missing official company stamps or authorized signatures – often indicate unauthorized alterations

🚩 Bank statements showing irregular salary credit patterns without proper explanation

🚩 Employment details that don’t match between salary certificate and bank records

🚩 Unexplained large deposits appearing alongside regular salary credits

🚩 Company information that can’t be verified through official UAE business registries

🚩 Multiple versions of the same income document with contradicting information

🚩 Salary amounts that vary significantly month-to-month with no documented reason

🚩 Document dates showing signs of manipulation or alteration

🚩 HR contact information that doesn’t match official company records

🚩 Income levels far above typical industry standards for the stated position

🚩 Salary certificates missing mandatory UAE allowance breakdowns

🚩 Bank statements containing suspicious patterns of round-number transactions

🚩 Income documents lacking essential details like trade license numbers or employee IDs

🚩 Salary certificates older than the standard 30-day validity period

🚩 Commission earnings that don’t align with documented bank deposit patterns

Use Technology To Verify Proof of Income in UAE

Digital verification tools have changed the game, making instant checks possible through banking APIs and digital solutions.

Bank APIs can validate accounts and transaction histories in real time, while OCR technology extracts data from salary certificates automatically – reducing errors and verification time. Business verification APIs help confirm company details and employee status instantly, making HR verification more reliable.

It’s important to note that the verification systems you use will make a world of difference. The right system makes the difference between catching red flags early and dealing with verification failures later.

That’s where integrated verification platforms like Signzy make a measurable impact. By combining essential verification APIs – from bank account validation and OCR technology to KYC and business verification – into a single platform, organizations can streamline their entire income-proof verification process.

With this unified approach, you can conduct faster verifications and reduce manual errors through a single integration point (while staying compliant).

How to Pick a Freezone While Starting a Business in UAE?

Posted on November 13, 2024 | by Tanya Narayan

🗒️ Key Highlights

While UAE has 45+ freezones across seven emirates, only specific ones like DIFC and ADGM operate under their own comprehensive legal and regulatory frameworks.
Office space requirements directly impact visa quotas – physical offices allow one visa per 9-10 square meters across Dubai freezones.
Some freezones demand physical office space from day one, while others like IFZA allow flexible arrangements – impacting initial setup costs significantly.

Imagine moving to a new city. You need a neighborhood that clicks—one that suits your pace, has the right connections, and feels like home.

Choose wrong, and you’re stuck in a place that doesn’t fit your lifestyle. Choose right, and everything clicks—you’re right where you belong.

Picking a free zone in the UAE is like choosing that perfect neighborhood.

Especially for businesses in highly regulated sectors like financial services, digital assets, or high-tech ventures, you need a zone that’s “in sync” with your goals.

Some free zones offer immediate access to like-minded businesses, giving you a front-row seat to industry connections. Others come with built-in regulatory support, helping you stay in the clear as you grow. And a few are designed for pure flexibility, letting you scale up without missing a beat.

Curious where your business would “click” best? It’s a fast read – let’s go.

What Exactly is a Freezone (and Why It Matters)

Setting up a business in the UAE requires understanding a fundamental choice between mainland and freezone operations.

Think of freezones as specialized business communities, each with its own character, costs, and focus industries.

UAE freezones offer clear advantages:

100% foreign ownership
Zero corporate tax on most activities (for qualified income only)
Complete repatriation of capital and profits.

Yes, there are 45+ UAE freezones across seven emirates, but choosing the right one becomes simple when you focus on what truly matters for your business.

💡 Related Blog: UAE UBO Check Guide

Picking Best UAE Freezone For Your Business

While freezones differ in dozens of ways, the 80/20 rule applies perfectly here – 80% of your success depends on just three critical factors. These are:

Your Business Activity – what you can and cannot do
Your Budget – beyond the advertised prices
Location Practicality – when it matters and when it doesn’t

Master these, and the rest becomes secondary. Let’s focus on what actually moves the needle for your business.

1. Your Business Activity

Gone are the days when all free zones allowed everything. Your entire business model might need adjustment based on what’s permitted.

While multiple freezones permit various financial and professional activities, only specific ones provide the robust frameworks and ecosystems needed for complex operations.

Some freezones operate under their own comprehensive regulations, offering frameworks based on English common law and housing complete business ecosystems. This becomes crucial when your operations involve regulated activities, digital assets, or innovative financial solutions.

Business Activity	Key Requirements	Recommended Freezones	Critical Considerations
Digital Assets & Trading	Regulatory clarity, secure infrastructure	ADGM, DIFC	Licensing requirements, compliance framework
Investment Services	Legal framework, market access	DIFC, ADGM	Capital requirements, regulatory oversight
Advisory Services	Professional licensing, client access	DIFC, DMCC, DAFZA	Qualification requirements, scope limitations
Technology & Innovation	Testing environment, modern infrastructure	DIFC, ADGM, DIC	Sandbox access, data regulations
Trading & Commodities	Market connectivity, trading platforms	DMCC, DAFZA	Trading restrictions, reporting requirements

Beyond the basic license permissions, it’s crucial to understand how each freezone supports complex operations.

While some offer regulatory sandboxes for testing new solutions, others provide established frameworks for traditional activities. The key is matching your operational needs with the freezone’s regulatory and infrastructural capabilities.

Here’s what to verify before choosing:

Specific activities permitted under your license type
Regulatory requirements and compliance frameworks
Access to necessary market infrastructure
Integration possibilities with local systems
Growth and expansion pathways

The cost implications can be significant but necessary – specialized freezones typically have higher setup and licensing fees. However, they provide the regulatory clarity and market access essential for sophisticated operations in the UAE.

2. Your Budget

When businesses compare UAE freezones, they often focus solely on license fees – which range from AED 10,000 to 50,000. But focusing only on these headline numbers misses the bigger picture. The real costs include registration fees (different for each freezone), legal documentation, and attestation (around AED 5,000).

Your essential first-year costs include:

Initial license and registration (Including regulatory fees)
Legal documentation and attestation
Pre-approval fees
Establishment card costs
Trade name registration
Initial visa processing
Basic facility setup

While many freezones advertise attractive first-year packages, the real test comes in year two when renewal costs often increase substantially.

A realistic approach is to map out costs over three years. Here’s a practical framework:

Year 1: Initial setup + operating costs
Year 2: License renewal + expected growth costs
Year 3: License renewal + expected growth costs + Factor in potential expansion needs

Facilities and Visas

Your choice of facility directly impacts how many people you can bring on board and how effectively your team can operate.

A flexi-desk typically allows 2-3 visas in Dubai, while northern emirates tend to be more generous, making them cost-effective for staff-heavy operations.
For physical offices, the standard ratio across Dubai freezones is one visa per 9-10 square meters.

A flexi-desk might cost AED 15,000-25,000 annually, while a small office of 200 square feet can exceed AED 50,000 per year.

Larger spaces come with custom pricing structures. Your business type and growth plans should drive this decision – not just current budget constraints.

Other regular operational costs include:

Annual regulatory compliance costs
Bank minimum balance requirements (AED 10,000-50,000)
License and permit renewals
Facility maintenance and service charges
Visa quota management
Professional fees (audit, legal)
Technology and infrastructure costs

This longer view often reveals that the cheapest initial option isn’t always the most cost-effective.

3. Freezone Location

Location only matters when it directly affects your money or operations. But when it matters, it matters significantly.

The real question isn’t “which is the best location?” but rather “what location features actually impact your business?”

Premium locations command premium prices – but does your business model justify the investment?

For regulated activities and sophisticated operations, being in established financial districts provides proximity to regulators, access to specialized infrastructure, and integration into professional networks that could prove invaluable.

Other Tips on Picking Best Location

When picking a location, don’t forget to take advantage of (if any) connections you have in the free zones you’ve shortlisted. Current freezone tenants offer insights no brochure will mention.

They know about the real response times from authorities, the hidden operational challenges, and the true benefits of different locations. Look for businesses similar to yours – their experiences often predict your own journey.

If you are still confused, start by looking at where your target clients are already doing business. If most of your potential clients are in one freezone, there’s often a good reason for it. The ecosystem benefits – from networking to business development – can outweigh pure cost considerations.

Other Factors

While the core factors determine your primary freezone choice, several secondary elements can significantly impact your long-term operations. These aren’t deal-breakers, but they can make the difference between smooth operations and constant friction.

Factor	Why It Matters
Banking Relations	Certain freezones (like DIFC, DMCC) have stronger banking relationships, making account opening smoother and international transactions more efficient. Critical for businesses handling frequent cross-border transactions.
Regulatory Support	Quality and speed of regulatory assistance vary significantly. Premium freezones offer dedicated relationship managers, fast-track processing, and clear escalation pathways – crucial during operational challenges.
Technology Infrastructure	Beyond basic internet, advanced freezones provide integrated regulatory reporting platforms, payment systems, and digital documentation processes. Impacts operational efficiency and compliance costs.
Business Ecosystem	The presence of key service providers, quality talent pool, and industry peers can significantly reduce operational friction. Strong ecosystems often translate to better business opportunities and knowledge sharing.
Exit Options	Different freezones have varying processes for restructuring, ownership changes, or license cancellation. Clean exit possibilities become crucial during strategic changes or market shifts.
Community Benefits	Regular industry events, networking opportunities, and knowledge sharing initiatives can provide unexpected business development opportunities and market insights.
Market Access	Some freezones provide better access to specific markets or industries through established networks and partnerships. Can significantly impact business development efforts.

After Picking Freezone in UAE – Next Steps

So you’ve picked your freezone – congratulations on clearing that first hurdle! But here’s where things get interesting, especially for financial institutions.

Setting up financial operations in the UAE means adapting to well-structured regulations that protect market quality. Each freezone has its own distinct framework designed to maintain the region’s high standards.

While these robust regulations ensure market integrity, managing multiple compliance requirements across customer onboarding, transactions, and document verifications can be complex for growing institutions. Traditional manual processes, though thorough, often struggle to keep pace with UAE’s dynamic financial sector.

Signzy helps financial institutions streamline these challenges with automated KYC, business verification, and identity check solutions designed specifically for UAE freezone requirements.

Frequently Asked Questions

Does choosing a premium freezone like DIFC actually matter for financial operations?

A: Yes. Premium freezones offer specialized regulatory frameworks, stronger banking relationships, and established financial ecosystems – crucial advantages that often justify higher costs.

How long does the freezone setup process typically take?

A: Standard setup takes 2-3 weeks. Regulated financial activities may require additional 2-4 weeks for specific approvals and licensing.

Can financial institutions operate across multiple UAE freezones?

Yes, but each presence requires separate licensing and compliance frameworks. Most institutions start with one primary location for operational efficiency.

Are there restrictions on changing freezones later?

Yes. Moving between freezones requires new licensing and may affect existing permits. Strategic initial choice saves significant future costs.

Complete guide to Emirates ID in 2024: How to apply

Posted on November 11, 2024 | by Tanya Narayan

🗒️ Key Highlights

Foreign entrepreneurs with UAE residency can own 100% of their mainland companies, enjoying the same operational freedoms as local business owners.
With a GDP per capita over 4 times the global average in purchasing power, the UAE’s market offers immense potential.
UAE’s 0% VAT on essential goods and 5% standard rate boost business profitability and market competitiveness.
UAE boasts 45+ free zones that charge 0% corporate tax for qualifying incomes with some sector-specific incentives.

The UAE is an exclusive hub where ambition meets opportunity, and the best part?

You’re invited.

Tax benefits, infrastructure, strategic location, and what not – UAE loves to give VIP treatment to businesses operating there.

With foreign entrepreneurs now able to own 100% of their mainland companies, the possibilities are endless.

However, accessing this prosperous economy requires one key: the Emirates ID.

Without it, you’re basically stuck outside, even if you live here.

Want to open a bank account? Show the ID.
Need to set up a new business? Show the ID.
Opening a subsidiary company? Show. The. ID.

It’s an essential pass that lets you function your business in the country.

In 2024, the rules for getting this ID are straightforward, but missing a step means risking delays, fines, or just a ton of headaches. Here’s the real deal on how to get your Emirates ID and avoid being locked out of the system.

Let’s break it down, step by step.

Why Your Emirates ID Matters in 2024

Before we explain how to apply, let’s talk about why the Emirates ID is so important. This small card is your main form of identification in the UAE, helping you with everything from government services to banking. The uses of Emirates ID have grown a lot recently. Now, you can use it for digital signatures, traveling within GCC countries, and more.

For both businesses and individuals, being able to do Emirates ID verification has made many processes much easier, from hiring new employees to accessing various services. As the UAE continues to become more digitally connected, your Emirates ID is your key to smooth interactions with both government and private organizations.

Who Needs an Emirates ID and What You Need to Prepare

Everyone who lives in the UAE is required to have an Emirates ID. There are a few documents you’ll need to obtain before you apply. What you require is based on who you are:

Group	Required Documents for Emirates ID Application
UAE Nationals	Valid passport Passport-size photo Family Book (for those over 21) or parent’s Emirates ID (for those under 15)
GCC Nationals	Valid passport GCC ID card (for those over 21) or parent’s GCC ID (for those under 21) Passport-size photo Proof of residency in UAE (e.g., work certificate, trade license, property ownership, study certificate)
Expatriate Residents	Valid passport Valid residence permit or permit to issue residence Passport-size photo For those under 15: Original birth certificate, parent’s passport or Emirates ID

Business owners or investors would first need to complete their business setup process, obtain the appropriate visa, and then apply for the Emirates ID as any other expatriate resident would.

Here’s a helpful tip: Make sure your passport and visa will be valid for at least six months when you apply. This can help you avoid delays or needing an Emirates ID renewal too soon after you get it.

Understanding What It Costs

The price of your Emirates ID depends on how long it’s valid for:

Group	Card Issuance Fee	Service Fee	Total Fee
UAE Nationals	AED 100 (5 years) AED 200 (10 years)	AED 50	AED 150 (5 years) AED 250 (10 years)
GCC Nationals	AED 100 (5 years)	AED 150	AED 250 (5 years)
Expatriate Residents	AED 100 per year (up to 5 years)	AED 150	AED 250 (1 year) AED 350 (2 years) AED 450 (3 years) AED 550 (4 years) AED 650 (5 years)

Additional fees applicable to all groups:

Application fees: 30 AED (USD 11)
AED 30: Typing Center fee

You might need to pay extra if you get help at a typing center.

How to Apply: A Step-by-Step Guide

Applying Online through the ICP Website

The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it easier to start your Emirates ID application online. Here’s what you do:

Create an account on the official ICP website
Complete the application form with accurate personal details
Upload required documents
Select a center for biometric data collection
Pay fees online via credit card or e-Dirham

Here’s a helpful tip: Keep the application number they give you, also known as PRAN (Personal Registration Acknowledgment Number) or transaction number. You’ll need it for Emirates ID tracking to check your Emirates ID status as you go along.

Giving Your Fingerprints and Photo

After you apply online, you’ll need to visit an ICP center to:

Have your fingerprints scanned
Get your photo taken
Give your signature (if you’re over 15)

Remember to bring your original documents with you. Don’t worry, this part usually only takes about 15-20 minutes.

Keeping Track of Your Application

You will have to wait a little while after providing your fingerprints and photo. But don’t worry – it’s easy to see how your application is going. You can check your Emirates ID status:

On the ICP website via your application number
On the ICP mobile app
Through SMS if you signed up for that service

Usually, it takes between 3 and 10 working days to process, depending on what kind of application you made and how busy they are.

Getting Your Emirates ID

When your card is ready, you’ll get a message on your phone or an email. You can pick it up within 90 days at:

Some Emirates Post offices
ICP customer happiness centers

Don’t forget to bring the receipt they gave you when you applied and another ID to prove who you are.

Emirates ID Renewal: What You Need to Know

If you already have an Emirates ID, you’ll need to renew it periodically. The process is similar to the initial application but often simpler. Here’s what you should keep in mind:

When to Renew:

UAE Nationals and GCC Residents: Every 5 years
Expatriates: Typically, every 2-3 years, aligning with your visa renewal

It’s wise to start the renewal process about a month before your current ID expires. This gives you plenty of time to handle any unexpected issues.

How to Renew:

Visit the ICP website or app
Choose the renewal option
Update your information if needed
Pay the renewal fee
Schedule a biometrics appointment if required (usually not necessary for straightforward renewals)

Keeping your Emirates ID up to date helps you avoid any interruptions in accessing important services.

Common Challenges and How to Solve Them

Even with careful preparation, you might face some difficulties. Don’t worry – we’re here to help you through them.

Application Errors: If you make a mistake on your application, don’t panic. You can often correct minor errors by contacting the ICP support team. For major changes, you might need to submit a new application.
Document Issues:

Verify requirements on ICP website
Update documents if necessary
Seek assistance at ICP service center

Delays in Processing: If your application seems to be taking longer than expected:

Use Emirates ID tracking for status updates
Contact ICP helpline if needed
Allow for possible temporary backlogs

Emirates ID Fine Check: These could occur due to late renewal or unreported loss. To check for any fines:

Visit the ICP website
Use the Emirates ID fine check service
Provide your ID number or application number

💡 Related Blog: Levels of Due Diligence

Bottomline

For businesses operating in the UAE, verifying the Emirates ID of your users or clients is often a necessary step. To streamline this process, Signzy offers an Emirates ID validation API. It:

enables quick and secure validation of Emirates IDs
enhances your customer onboarding process
ensures compliance with local regulations while reducing manual verification efforts

There you have it – your guide to the Emirates ID and how it fits into your UAE business journey. Dive in, get that ID, and enjoy the Emirates!

FAQs

Can I apply for an Emirates ID before arriving in the UAE?

No, you must be physically present in the UAE to complete the application process. However, you can start the online application before arrival. The biometric data collection and final steps must be done in person within the UAE.

What happens if my Emirates ID application is rejected?

If rejected, you’ll be notified via SMS or email. Common reasons include incomplete documentation or discrepancies in information. Review the rejection reason, correct the issues, and resubmit. For business-critical situations, consider seeking assistance from a PRO service.

Is the Emirates ID linked to my business license?

While not directly linked, your Emirates ID is crucial for business operations. It’s required for opening corporate bank accounts, applying for business licenses, and processing employee visas. Always keep it updated to avoid disruptions to your business activities.

Can I use my Emirates ID for travel within the GCC?

Yes, UAE residents can use their Emirates ID for travel within the Gulf Cooperation Council (GCC) countries. This facilitates easier business travel and networking opportunities within the region, supporting your business expansion goals

Complete guide to KYB verification in UAE

Posted on October 24, 2024 | by Tanya Narayan

Complete guide to KYB verification in UAE

As businesses eye expansion into the United Arab Emirates, a global financial center with a GDP of $504.17 billion, they face both immense opportunities and significant regulatory challenges. The middle east country’s recent removal from the Financial Action Task Force’s (FATF) “gray list” in February 2024 highlights the country’s commitment to strengthening its anti-money laundering (AML) framework.

As part of this enhanced AML strategy, the UAE has placed increased emphasis on Know Your Business (KYB) processes, recognizing them as crucial tools in preventing financial crimes and ensuring the integrity of its business ecosystem. This heightened focus on KYB means that thorough verification procedures are now more important than ever for businesses operating in or expanding to the region.

KYB Verification in the UAE Context

In new AML protocols, UAE KYB verification involves a comprehensive assessment of a business entity’s three main components:

Identity
Ownership structure
Operational legitimacy

This process goes beyond mere document checks; it’s a thorough examination designed to mitigate risks associated with financial crimes and ensure compliance with stringent UAE regulations.

As a global business hub, the UAE attracts a diverse range of international companies. This diversity, while beneficial for economic growth, also presents unique challenges in maintaining the integrity of business relationships. UAE business verification acts as a safeguard, helping to prevent the misuse of corporate structures for illicit activities such as money laundering or terrorist financing.

Key components of KYB verification in the UAE

Corporate identity verification: Confirming the legal existence and status of the business entity.
Ownership structure analysis: Identifying and verifying the ultimate beneficial owners (UBOs).
Business activity assessment: Understanding the nature and scope of the company’s operations.
Risk profiling: Evaluating the potential risks associated with the business relationship.

Know Your Customer (KYC) VS Know Your Business (KYB)

It’s crucial to understand the distinction between Know Your Customer (KYC) and KYB processes. While KYC focuses on individual clients, KYB verification in UAE deals with the complexities of corporate entities.

This distinction is particularly important in B2B contexts, where the stakes of non-compliance can be significantly higher.

💡 Related Blog: Breaking Down the New AML/CFT Rules

The KYB Verification Process in UAE: What to Expect and How to Prepare

We recognize that this process can seem daunting, but with proper preparation, it becomes much more manageable. Let’s walk through what you can anticipate during UAE KYB verification and how you can best ready your business.

Step 1: Information Preparation

You’ll be asked to provide various documents, including your trade license, certificate of incorporation, and other registration documents.

Expect to complete a detailed KYB questionnaire about your business.

Prepare with these tips:

Collect all your official business documents in advance.

Document Type	Sole Establishments & Branches	LLCs & LLC Branches	Free Zone Entities
Trade License	Valid UAE-issued license	Valid UAE-issued license	Valid Free Zone license
Ownership Document	N/A	Memorandum of Association showing all owners and ownership split	Free Zone equivalent ownership document
Bank Account Proof	N/A	Recent UAE bank statement or letter (within 6 months)	Recent UAE or Free Zone bank statement
Individual Verification	Business owner’s ID	IDs of owners with ≥25% share	IDs of owners with ≥25% share
Additional Documents	N/A	Power of Attorney (if applicable)	Free Zone regulations compliance proof

Create a clear, concise description of your business activities, key personnel, and basic operational details.
Ensure all information is current and consistent across all documents.

Step 2: Ownership Structure and UBO Information Disclosure

Transparency in your ownership structure is a key aspect of KYB verification in UAE.

After providing business information, you’ll need to provide a comprehensive view of your business’s ownership structure.

Be ready to share information about all significant shareholders, especially those owning 25% or more (Ultimate Beneficial Owners or UBOs). This information will be cross-checked against various databases, including the UAE’s UBO registry.

Moreover, design a clear, detailed organizational chart showing your complete ownership structure. Gather necessary documentation for each entity in your ownership structure.

You also must identify all UBOs and have their information ready.

Step 4: Business Activity Verification

Your stated business activities will be examined to ensure they align with your actual operations.

Your business plan, financial statements, and major contracts may be reviewed.
Any differences between stated and actual business activities will be questioned.

Ensure your business plan accurately reflects your current and planned activities. In addition, have recent financial statements and key contracts easily accessible.

Step 5: Enhanced Due Diligence (if required)

If your business is considered high-risk, you may undergo additional scrutiny. You might be asked for additional documentation or explanations.

In some cases, a visit to your business premises may be requested.

Now that we’ve covered the main steps of the KYB verification process, let’s focus on a critical component that deserves special attention: Ultimate Beneficial Ownership (UBO) checks.

The Role of UBO Checks in KYB Verification

In the UAE, an individual is considered a UBO if they own or control 25% or more of a company’s shares or voting rights, or exercise ultimate control over the company and its management. This threshold applies to both direct and indirect ownership.

During a UBO check in UAE, you’ll need to provide detailed information and documentation for each UBO, including official identification and proof of address.

To prepare, thoroughly review your ownership structure, gather all necessary documents, and ensure your UBO information is current in the registry.

If your ownership structure is complex, be ready to explain it clearly. By understanding and properly disclosing your UBOs, you’re meeting regulatory requirements and also contributing to a transparent business environment in the UAE.

Non-compliance with UBO regulations in the UAE can result in significant consequences as per Cabinet Resolution No. (132) of 2023. Penalties may include substantial monetary fines, operational restrictions, reputational damage, and potential legal action.

Using Digital Tools for KYB Verification in UAE

KYB verification in the UAE can feel overwhelming. The paperwork, the checks, the constant worry about compliance – it’s a lot to handle, especially when you’re trying to grow your business.

That’s why we want to talk about something that might make your life a bit easier:

digital tools for KYB verification.

These tools aren’t end-to-end solutions, but they can certainly lighten your load.

Digital tools efficiently verify fundamental details such as entity names, addresses, and registration status. This automation significantly reduces the time spent on basic yet crucial checks.

Some solutions provide insights into active litigations and bankruptcy filings, offering a more comprehensive view of a business’s legal standing.

Signzy’s Business Verification API incorporates these features, offering a comprehensive solution for UAE KYB verification. Notably, it can process documents from over 200 countries in under 30 seconds, significantly expediting the onboarding process.

Key Highlights

The more prepared you are with accurate, up-to-date information and documentation, the smoother your KYB verification process will be.
Being open and honest about your business structure, activities, and UBOs is crucial for successful UAE business verification.
Remember that KYB verification isn’t a one-time event. Staying compliant requires ongoing attention and updates.
Understanding and properly disclosing your Ultimate Beneficial Owners is a critical part of the KYB process in the UAE.

What is Contract Management?

Why is Contract Management Necessary for KYC and AML?

Clearly Defined Compliance Obligations

Tracking KYC and AML Requirements

Mitigating Risks with Clear Roles and Responsibilities

Easier Audit Trails

Key Stages of Contract Management

1. Identification of Need and Requirements

2. Drafting, Negotiation, and Legal Review

3. Onboarding

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4. Close-out

5. Renewal

Manual vs Digital Contract Management

Current State of Gaming and Gambling in the UAE

What’s Working for the UAE’s Gaming and Gambling Sector?

1. High-Income and Digitally Native Population

2. Government-Led Vision and Execution

3. Localization and Cultural Fit

4. First-Mover Advantage in Legal Gambling

5. Strong Capital Flows and Institutional Backing

6. Real Infrastructure

7. Web3, VR, and Cloud Integration

8. Education and Talent Development Pipelines

How to Prepare Your Gaming or Gambling Business for the UAE

Secure Your Regulatory Ground Early

Build Regionally Relevant IP

View Casino Licensing as a Long-Term Moat

Invest in the Stack, Not Just the Surface

Treat Adtech and Analytics Like Regulated Tech

Scaling Gaming or Gambling Business Responsibly

Understanding AML Registration

Who Must Register for AML in the UAE?

Step-by-Step Guide to the AML Registration Process

Key Documents and Information Required for Registration

Consequences of Non-Compliance

A Shared Vision for Inclusive Finance

Solving the KYC Bottleneck

How Does Video KYC Work

What Makes Signzy’s vKYC Solution Powerful

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Security Standards

Recognition and Regulatory Collaboration

vKYC Use Cases

Closing note

Reserve Bank of India’s Origins

RBI’s Timeline of Transformation

Achievements Over the Decades

Collaboration with Signzy

Signing Off

What is Proof of Income – Quick Definition

Regular Employed Professionals

Business Owners & Investors

Freelancers & Independent Contractors

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Variable Income Professionals

Spot Red Flags

Use Technology To Verify Proof of Income in UAE

What Exactly is a Freezone (and Why It Matters)

Picking Best UAE Freezone For Your Business

1. Your Business Activity

2. Your Budget

Facilities and Visas

3. Freezone Location

Other Tips on Picking Best Location

Other Factors

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After Picking Freezone in UAE – Next Steps

Frequently Asked Questions

Why Your Emirates ID Matters in 2024

Who Needs an Emirates ID and What You Need to Prepare

Understanding What It Costs

How to Apply: A Step-by-Step Guide

Applying Online through the ICP Website

Giving Your Fingerprints and Photo

Keeping Track of Your Application

Getting Your Emirates ID

Emirates ID Renewal: What You Need to Know

Common Challenges and How to Solve Them

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