2024-03-28

A circular dated March 28, 2024 regarding controls for updating customer data

The letter informs the Chairman of the Board of Directors of a bank about regulatory controls to combat money laundering and terrorist financing. It emphasizes the need to update customer data, documents, and information regularly, with a maximum interval of five years. The Central Bank's Board of Directors has approved a decision outlining the procedures banks must follow when updating customer data, including individual and corporate clients. The letter also highlights various provisions, such as not charging customers for delays and allowing updates at any bank branch, to ensure a unified approach across the banking sector and protect customer rights.

Egypt

Central Bank of Egypt

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