Regulatory Alerts2020-06-24
A circular dated June 24, 2020 obliging banks to notify their irregular customers to delete historical information about them and lift the ban on dealing with them.
In a letter dated June 24, 2020, the Central Bank of Egypt informed the Chairman of the Board of Directors of a bank in Cairo about amendments to the rules governing the credit registration system. These changes included the removal of blacklists for institutional clients and negative lists for consumers with loans for personal use, reduced disclosure periods for historical client information after repayment, the lifting of restrictions on dealing with certain client categories, and the deletion of clients with minor debts below EGP 1,000 as a one-time exception. The Central Bank instructed banks to communicate these changes to affected clients, informing them of reduced disclosure periods, and updating them on the removal of historical information and the lifting of conditional bans.