4. Requirements for the Accuracy of Information Provided
Effective from 2023-05-21 - May 20 2023
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| 4.1 | The entity shall, using reliable and independent sources, verify the identity of the consumer and ensure the validity of the information and documents provided online before sending them to the financier. Such procedure shall be documented in accordance with the instructions issued by SAMA. | |
| 4.2 | The entity shall establish the necessary internal procedures to ensure the validity and accuracy of finance offers before presenting them to the consumer. | |
| 4.3 | The entity shall create an electronic record for each consumer and comply with the Electronic Transactions Law and its Implementing Regulations. The entity shall also establish the necessary procedures and measures to ensure that the information provided is correct and up-to-date, including, at a minimum: | |
| 4.3.1 | Sending an authentication code to verify the consumer’s phone number. | |
| 4.3.2 | Developing the procedures necessary to ensure the provision of up-to-date information, such as the national address. | |