Regulatory Alerts2023-06-21
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Council of Management Decision No. 140 of 2023 on Digital Identity, Digital Contracts, and Digital Registers for Non-Banking Financial Activities
The Egyptian Financial Regulatory Authority issued Decision No. 140 of 2023 to establish comprehensive regulatory frameworks for digital identity, digital contracts, and digital registers in non-banking financial activities. The decision mandates specific multi-factor authentication protocols, including biometric and possession-based factors, to ensure high levels of trust and security for digital transactions. It further requires entities to maintain immutable digital logs and submit semi-annual compliance reports detailing audit results and error rates to the Authority.
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