2019-08-07

A circular dated August 7, 2019 regarding the standards for practicing the activity of exporting and importing surplus foreign currency notes

The letter, dated August 7, 2019, is addressed to the Chairman of the Board of Directors of a bank in Egypt from the Egyptian Central Bank. It outlines regulations for banks wishing to engage in the activity of exporting and importing foreign currency banknotes. Banks must apply for a license from the Central Bank, meeting specific conditions related to policies, procedures, and controls for anti-money laundering and counter-terrorism financing. The letter also details requirements for internal control systems, contract approvals, and staff training. It emphasizes that outsourcing cash export to money transfer companies requires prior approval from the Central Bank.

Egypt

Central Bank of Egypt

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