Regulatory Alerts2024-05-08 | CBE15.3Added · Updated
CBE Regulation Book 15.3 - Controls Sending Statements Of Accounts
The Central Bank of Egypt mandates that banks send account statements to customers at least every three months, specifying strict security and confidentiality protocols for both paper and electronic delivery methods. Banks must obtain customer consent for electronic statements, implement robust encryption and authentication measures, and ensure that electronic statement fees are lower than paper ones. Customers have thirty days to object to statement contents, after which silence constitutes approval, and banks must cease sending statements for dormant accounts until reactivation. These controls became effective immediately, with a six-month compliance window for the electronic statement provisions.
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