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Financial Supervision Enforces Data Rules
The General Authority for Financial Supervision clarified that it does not tolerate any violations related to the accuracy of client data in non-banking financial activities, especially concerning the use of financial technology. It mandated all supervised companies, including consumer finance firms and financing associations, to verify clients' data through an OTP (One-Time Password) system during contracting and when utilizing financing, with the aim of preventing money laundering, identity theft, data forging, and protecting beneficiaries' rights. The authority confirmed that the OTP system is already in place for entities using financial technology, and the remaining entities are required to implement it before the end of the structured adaptation period in January. This measure is intended to strengthen supervisory capabilities and support market integrity.
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