{"id":25118554,"date":"2026-08-25T10:54:44","date_gmt":"2026-08-25T07:54:44","guid":{"rendered":"https:\/\/fra.gov.eg\/fra_news\/%d8%af-%d8%a5%d8%b3%d9%84%d8%a7%d9%85-%d8%b9%d8%b2%d8%a7%d9%85-%d8%b1%d8%a6%d9%8a%d8%b3-%d8%a7%d9%84%d9%87%d9%8a%d8%a6%d8%a9-%d8%a7%d9%84%d8%b9%d8%a7%d9%85%d8%a9-%d9%84%d9%84%d8%b1%d9%82%d8%a7%d8%a8-2\/"},"modified":"2026-09-03T11:29:01","modified_gmt":"2026-09-03T08:29:01","slug":"%d8%af-%d8%a5%d8%b3%d9%84%d8%a7%d9%85-%d8%b9%d8%b2%d8%a7%d9%85-%d8%b1%d8%a6%d9%8a%d8%b3-%d8%a7%d9%84%d9%87%d9%8a%d8%a6%d8%a9-%d8%a7%d9%84%d8%b9%d8%a7%d9%85%d8%a9-%d9%84%d9%84%d8%b1%d9%82%d8%a7%d8%a8-2","status":"publish","type":"fra_news","link":"https:\/\/fra.gov.eg\/en\/fra_news\/%d8%af-%d8%a5%d8%b3%d9%84%d8%a7%d9%85-%d8%b9%d8%b2%d8%a7%d9%85-%d8%b1%d8%a6%d9%8a%d8%b3-%d8%a7%d9%84%d9%87%d9%8a%d8%a6%d8%a9-%d8%a7%d9%84%d8%b9%d8%a7%d9%85%d8%a9-%d9%84%d9%84%d8%b1%d9%82%d8%a7%d8%a8-2\/","title":{"rendered":"FRA Chairman: Strict Compliance Mandated for Customer Identity and Data Verification Standards across NBFS Sector \u2013 Tuesday 25 August 2026"},"content":{"rendered":"<ul>\n<li style=\"text-align: justify;\">\n<ul>\n<li dir=\"ltr\" style=\"text-align: left;\"><span style=\"color: #800000;\">Regulated entities must verify national ID authenticity, confirm mobile line ownership and screen all clients against AML watchlists.<\/span><\/li>\n<li dir=\"ltr\" style=\"text-align: left;\"><span style=\"color: #800000;\">Non-banking finance firms and associations must now issue One-Time Passwords (OTPs) to customers twice\u2014at contract signing and upon fund disbursement.<\/span><\/li>\n<li dir=\"ltr\" style=\"text-align: left;\"><span style=\"color: #800000;\">Data verification regulatory structure enhances FRA&#8217;s capacity for early detection of market abuses.<\/span><\/li>\n<li dir=\"ltr\" style=\"text-align: left;\"><span style=\"color: #800000;\">Rules bolster market stability, protect consumers from fraudulent practices and market manipulation.<\/span><\/li>\n<\/ul>\n<p dir=\"ltr\" style=\"text-align: left;\"><strong>\u00a0<\/strong>Dr. Islam Azzam, FRA Chairman stressed that there will be no leniency regarding any violations of the regulatory rules established by the Authority for customer data verification across all non-banking financial activities, particularly FRA Board Resolution No. 186 of 2024 and its amendments, most recently Resolution No. 133 of 2026 issued last July.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">These rules mandate that all entities under FRA supervision operating via financial technology (FinTech), as well as FinTech outsourcing service providers, must verify customer identity using national ID data, mobile phone line ownership and screen clients against anti-money laundering (AML) and asset-freeze watchlists.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Furthermore, these regulations oblige all consumer finance companies, as well as micro, small, and medium enterprise (MSME) financing firms, associations and institutions, to issue a One-Time Password (OTP) to all clients via their verified phone numbers at contract execution and again upon fund disbursement, maintaining proof of OTP verification on record.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Dr. Islam Azzam emphasized the necessity for all non-banking financial institutions to strictly adhere to these regulatory controls, warning that severe legal action will be taken against any violations.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">He explained that this regulatory framework strengthens FRA&#8217;s supervisory capabilities and enables early detection of negative practices or manipulation during loan origination for consumer or productive purposes. It also combats identity theft and false data submission, thereby protecting innocent individuals&#8217; rights and preventing adverse impacts on their credit ratings.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">He noted that the OTP verification system is already operational among entities utilizing FinTech, while all remaining institutions are currently bound by it, with the grace period for compliance ending next January. This system will enhance the capacity of companies, associations and institutions to verify data accuracy, interlink personal data points and ensure exact matching to enforce identity verification procedures.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Dr. Islam Azzam reaffirmed the Authority&#8217;s ongoing commitment to maintain the safety and stability of non-banking financial markets, delivering maximum protection to beneficiaries and continuously evolving regulatory frameworks to keep pace with market developments and modern technology.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">It is worth noting that FRA Chairman issued severe penalties yesterday against a consumer finance company following an incident where an international school exploited parents&#8217; personal data to obtain financing, directly violating the Authority&#8217;s regulatory framework for customer data verification and financing rules.<\/p>\n<\/li>\n<\/ul>\n","protected":false},"author":7,"featured_media":24946792,"parent":0,"template":"","format":"standard","categories":[144],"tags":[5684,5683,3910,3704],"fra_news_taxonomy":[2137,2138],"news_paper_taxonomy":[],"class_list":["post-25118554","fra_news","type-fra_news","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases","tag-one-time-password-otp","tag-customer-data-verification-in-non-banking-financial-activities","tag-dr-islam-azzam","tag-fra-chairman","fra_news_taxonomy---en","fra_news_taxonomy-----en"],"_links":{"self":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news\/25118554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news"}],"about":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/types\/fra_news"}],"author":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/users\/7"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media\/24946792"}],"wp:attachment":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media?parent=25118554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/categories?post=25118554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/tags?post=25118554"},{"taxonomy":"fra_news_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news_taxonomy?post=25118554"},{"taxonomy":"news_paper_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/news_paper_taxonomy?post=25118554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}