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Financing firms must verify customer data within 2 months
The General Authority for Financial Supervision issued a decision requiring licensed financing companies engaged in consumer finance and small and micro enterprise financing to implement customer data verification procedures within two months of the date of the decision's publication. This includes sending a one-time password (OTP) to customers when executing, renewing, or utilizing the financing, aiming to enhance security measures and protect customers. The decision also covers associations and nonprofit organizations licensed to carry out this activity. This move is part of efforts to improve supervisory procedures to ensure the integrity of financing operations and promote transparency.
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