Regulatory Alerts2023-01-01
Board Decision No. 81 of 2023 on Regulations for Consumer Finance Companies Granting Prepaid Cash Financing to Clients
The Financial Regulatory Authority issued Board Decision No. 81 of 2023 to establish regulatory controls for consumer finance companies granting prepaid cash financing. The decision outlines the specific operational conditions and compliance requirements that these institutions must follow when extending such financing to their existing client base. It standardizes approval procedures, risk assessment criteria, and reporting obligations to ensure market stability and protect consumer interests.
Share