Regulatory Alerts2024-08-11
A circular dated August 7, 2024 confirming the opening of accounts for foreigners in banks
The Central Bank of Egypt has once again addressed the issue of foreign companies not having bank accounts in Egypt and receiving numerous complaints from these clients regarding banks' refusal to open personal banking accounts for them. This practice poses risks for Egyptian banks and impedes customers' access to financial services and products that require bank accounts, which must adhere to existing rules and regulations. Additionally, the Central Bank requests full compliance with all relevant laws and regulatory measures to combat money laundering and terrorist financing.