ARTICLE
23 February 2025

The FRA Amends The Rules Pertaining To Ownership Data Verification Of The Customers' Mobile Phone Numbers

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On Monday 17 February 2025, the Financial Regulatory Authority ("FRA") issued Board Resolution No. 30 for the year 2025 (the "Decision")...
Saudi Arabia Finance and Banking

On Monday 17 February 2025, the Financial Regulatory Authority (“FRA”) issued Board Resolution No. 30 for the year 2025 (the “Decision”) amending Decision No. 186 of 2024, mandating mobile phone number ownership verification for non-banking financial institutions' clients.

Highlights of the Decision:

The amendments introduce new obligations for insurance companies, non-banking financial service providers using financial technology (“Fintech Companies”) to verify their customers' identity, particularly with regard to the ownership of their mobile phone numbers. The Decision mandated the said companies to:

  • verify customers' national ID information and mobile phone number ownership upon execution or renewal of the contracts with their clients.
  • check whether customers appear on any money laundering and terrorism financing list upon execution or renewal of the contracts with their clients.
  • Undertake such verifications via the electronic linking system designated by the FRA to ensure regulatory compliance.
  • Settle the necessary fees designated by the FRA in this regard.

Companies are granted a two-month grace period to comply with the above with the exception of the mobile number verification requirement, which must be abided by immediately (i.e., as of February 18, 2025).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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