Regulatory Alerts2023-01-01
Added · Updated
Decision of the Board of Directors No. 139 of 2023 Regarding Technology Infrastructure, Information Systems, and Security Measures for Non-Banking Financial Activities
The General Authority for Financial Supervision (GAFS) issued Decision No. 139 of 2023 to mandate specific technology infrastructure, information systems, and security standards for entities conducting non-banking financial activities using fintech. The regulation requires licensed companies to maintain local data centers, implement robust cybersecurity measures such as firewalls and encryption, and adhere to strict IT governance frameworks including ITIL and ISO 27001. Compliance with these technical and operational requirements is a prerequisite for obtaining or maintaining licenses to operate in the non-banking financial sector under Law No. 5 of 2022.