Customer T&Cs changes - LFIs

Jan 7, 2025

As part of compliance with the Open Finance Regulation, all Licensed Financial Institutions (LFIs) are encouraged to review and update their Terms and Conditions (T&Cs) to align with the regulatory framework.

To ensure consistency and transparency, LFIs should ensure their updated T&Cs explicitly address the following key areas:

1. Data Usage and Access: Clearly define the purpose, scope, and mechanisms for data usage and access, ensuring compliance with regulatory requirements and safeguarding customer information.

2. Consent Management: Establish transparent and informed processes for obtaining, managing, and withdrawing customer consent.

3. Liability: Clearly outline responsibilities and liabilities for all parties involved to mitigate risk and ensure accountability.

4. Payment Initiation: Include provisions governing payment initiation services, specifying customer rights, provider obligations, and security measures.

These updates are critical to maintaining regulatory compliance and supporting the objectives of the Open Finance framework.

For further guidance or assistance, please contact Support@Nebrasopenfinance.ae