Regulatory Alerts2023-11-16 | CBE12.7CBE Regulation Book 12.7 - Updated Clean
The chapter outlines the rules governing prepaid card payment services in Egypt. It defines key terms and outlines the responsibilities of the board of directors and senior management in overseeing the development and implementation of strategies related to these services. The chapter also highlights the risks associated with prepaid card payment services and the measures that banks must take to manage these risks effectively. It emphasizes the importance of customer due diligence, data security, and compliance with anti-money laundering and counter-terrorism financing regulations. The chapter further details the issuance of prepaid cards, the role of service providers, and the need for banks to establish clear contracts with customers outlining their rights and obligations. It also addresses incident response and management, performance considerations, data confidentiality, and customer security. Finally, it provides guidelines for obtaining a license to offer prepaid card payment services and outlines the process for banks to align their operations with the established rules and regulations.