Regulatory Alerts2023-11-16 | CBE11.3CBE Regulation Book 11.3 - The Regulations Related To Financial Inclusion
The chapter discusses the regulatory framework for financial inclusion in Egypt, aiming to integrate citizens, companies, and micro-enterprises into the formal financial system. Simplified rules for customer due diligence and anti-money laundering/counter-terrorism financing (AML/CTF) requirements are introduced for targeted groups, with low-risk banking products and services designed accordingly. The Central Bank of Egypt and the Anti-Money Laundering and Terrorist Financing Unit have issued instructions for these regulations, defining financial inclusion products/services and their beneficiaries. The maximum transaction and account balance limits for financial inclusion accounts are set, with procedures outlined for approval of technology-based products/services. The chapter also provides clarifications on simplified customer due diligence procedures and highlights key aspects of the regulatory framework.