Regulatory Alerts2024-05-23 | CBE2.2CBE Regulation Book 2.2 - Internal Control In Banks
The Central Bank of Egypt's efforts to issue the Internal Control Regulations for Banks were not in vain. The Board of Directors of the Central Bank of Egypt approved the Internal Control Regulations for Banks at its meeting on 19 August 2014. The Regulations aim to ensure that banks comply with the provisions of the Banking Law and its Executive Regulations, the Central Bank of Egypt's decisions in this regard, and the instructions issued by the Central Bank of Egypt's Board of Directors. The Regulations also aim to ensure that banks have an effective internal control system that is commensurate with the nature and size of their business and the risks they face. The Regulations require banks to have an internal control system that includes the following: First: The internal control system in banks should include the policies and procedures that ensure the continuity of the bank's business and the safety of its assets and funds. Second: These policies and procedures should be documented and available to all bank employees. Third: The bank's management should ensure that these policies and procedures are followed by all employees.