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2024-08-11

Added 2024-09-21 · Updated 2026-09-12

Circular dated August 7, 2024 confirming the opening of accounts for foreigners in banks

The Central Bank of Egypt confirms that banks are permitted to open and manage bank accounts for non-resident foreign customers in the Arab Republic of Egypt, refuting previous refusals to provide such services. Banks are required to fully comply with all laws, supervisory regulations, and due diligence procedures issued by the Central Bank and the Financial Intelligence Unit regarding anti-money laundering and counter-terrorism financing. This directive aims to mitigate reputational risks for banks and prevent financial transactions from moving outside the regulated banking sector.

Egypt

Central Bank of Egypt

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Cairo on: August 7, 2024

Dear Sir/Madam,
Chairman of the Board of Directors

Bank

Greetings,

With reference to the circular letter dated April 19, 2016, concerning the refusal of some banks to open accounts for non-resident foreign customers in the Arab Republic of Egypt, and in light of the receipt of several complaints from some foreign customers regarding the refusal of banks to open bank accounts for them, which prevents them from benefiting from banking services and products, and which may result in risks of increased financial transactions outside the framework of the banking sector.

In this regard, I would like to emphasize what was stated in the aforementioned circular letter that such practices lead to reputational risks for banks operating in Egypt, and in order to protect the integrity of the Egyptian banking sector and avoid harming customer transactions with banks and what may result from that, we confirm that there is nothing preventing the opening of accounts for non-resident foreign customers in the Arab Republic of Egypt and dealing with them and benefiting from the various banking services offered by those accounts, provided that this does not violate the controls and rules governing the opening of accounts as well as the due diligence procedures for bank customers.

In light of the foregoing, you are kindly requested to direct full compliance with all laws and supervisory controls issued by the Central Bank and the Financial Intelligence Unit in this regard.

Please accept the highest regards,

Tarek El-Khouly

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Source: Central Bank of Egypt — original document

Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works