Regulatory Alerts2023-01-01
Circular Letter No. 2 of 2023 Amending Circular Letter No. 2 of 2023 Regarding Creditors' Reporting to the Central Bank of Egypt and Credit Reporting Agencies
The Financial Regulatory Authority issued Circular Letter No. 2 of 2023 to amend previous reporting requirements for credit-granting entities under Article 113 of Central Bank Law No. 194 of 2020. The directive mandates that all credit providers, including non-banking sectors, continuously register customer credit profiles and link their systems to the Central Bank's database and credit reporting agencies. Specifically, it requires private collection agencies handling securitized portfolios to continue reporting customer balances to these entities until debts are fully settled or contracts expire.
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