2017-11-22

A circular dated November 20, 2017 regarding the electronic response received from customs to banks on Form 4.

In Cairo: The Chairman and CEO of Bank of Alexandria, Dr. Hisham Okasha, referred to his book dated April 14, 2013 which details the rules for compliance with Article (2), explaining how a foreign exchange company was fined $4 million for failing to report transactions related to importing goods. He also mentioned a penalty of over $4 million in cash imposed on another financial institution due to delayed reporting as per International Monetary Fund regulations, stressing that compliance is mandatory. The Bank appreciates the cooperation and respect shown by its customers and urges all stakeholders to strictly adhere to these guidelines. -Jamal Nageh

Egypt

Central Bank of Egypt

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