Regulatory Alerts2022-04-20 | CBE13.1Added · Updated
CBE Regulation Book 13.1 - Controls For Conducting Electronic Banking Operations And Issuing Means Of Payment For Electronic Money
The Central Bank of Egypt mandates that all banks must obtain prior approval from the Supervisory Authority to conduct electronic banking operations or issue electronic payment means, including debit cards, stored-value cards, and electronic cash. Banks are required to implement comprehensive risk management frameworks covering operational, reputational, legal, and other risks, specifically enforcing strict security controls such as authentication, privacy protection, and non-repudiation. The regulation establishes specific transitional deadlines for existing credit card holders to adopt SMS verification and for new smart card issuances by 2014, and defines detailed responsibilities for both banks and customers to ensure secure transactions via electronic networks.
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