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Find out moreWelcome to this edition of Law Update, where we focus on the ever-evolving landscape of financial services regulation across the region. As the financial markets in the region continue to grow and diversify, this issue provides timely insights into the key regulatory developments shaping banking, investment, insolvency, and emerging technologies.
2025 is set to be a game-changer for the MENA region, with legal and regulatory shifts from 2024 continuing to reshape its economic landscape. Saudi Arabia, the UAE, Egypt, Iraq, Qatar, and Bahrain are all implementing groundbreaking reforms in sustainable financing, investment laws, labor regulations, and dispute resolution. As the region positions itself for deeper global integration, businesses must adapt to a rapidly evolving legal environment.
Our Eyes on 2025 publication provides essential insights and practical guidance on the key legal updates shaping the year ahead—equipping you with the knowledge to stay ahead in this dynamic market.
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:
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).
For more information, please contact Ali El Hawary, Partner, Head of Banking & Finance, Egypt Office Yasmeen Qotbi, Senior Associate, at the Banking and Finance department, Egypt office
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