2023-03-19

A circular dated March 19, 2023 regarding the possibility of a mother opening accounts or linking savings funds in the names of her minor children.

In Cairo on March 20, 2023, the Central Bank received numerous complaints about women facing issues during banking transactions. The most significant of these issues were refusals by some banks to open accounts under the woman's maiden name or to link beneficial ownership indicators with their names or family homes. To clarify, accounts can be opened using a woman's maiden name or linked with beneficial ownership indicators when the funds in them originate from donations as per Article 3 of the Money Laundering Act No. 119 issued by Decree Law 1952. The Central Bank kindly requests compliance with these requirements.

Egypt

Central Bank of Egypt

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