Regulatory Alerts2021-09-30
A circular dated September 30, 2021 regarding the accounts related to the guardianship of money
The letter, dated September 30, 2021, is addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt. It highlights the Central Bank of Egypt's focus on financial inclusion, protecting customer rights, and facilitating financial and banking transactions for citizens. It also addresses some challenges related to financial transactions for minors and guardians, such as difficulties in withdrawing funds from accounts without a valid bank statement and opening accounts in their names. The letter instructs the recipient to coordinate with relevant authorities to implement specific transactions, including facilitating the withdrawal of monthly allowances or pensions with a court order and opening accounts for minors with the guardian's chosen bank, ensuring withdrawals are made with court approval.