2012-05-09

Controls on direct transfers on import operations

The letter discusses an increase in customers requesting direct transfers to foreign suppliers for their import transactions. To regulate these transactions, the bank has set guidelines, including verifying the authenticity of the import transaction, limiting such transactions to specific types of customers, and requiring documentation related to the import transaction to be routed through the executing bank. The letter also outlines additional measures, such as obtaining a legal undertaking from the customer and consequences for non-compliance, to ensure the integrity of the process.

Egypt

Central Bank of Egypt

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