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صدى البلد
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Financial Authority mandates OTP for non-bank financings
Dr. Islam Ezzam, Chairman of the Financial Regulatory Authority, affirmed that the Authority insists on the necessity of adhering to regulatory rules concerning the verification of customer data in non-banking financial activities. This is especially important regarding the use of financial technology and the mandatory sending of verification codes (OTP) when entering into contracts and utilizing financing. The aim is to combat negative practices, identity theft, protect individuals' rights, and enhance the integrity of the non-banking financial market. He also noted that the OTP sending system is already in place following the completion of the compliance period in January, and supervisory procedures will address any violations to ensure market stability and protect beneficiaries.
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