RegAlert2023-01-06 | CBE4.2Added · Updated
CBE Regulation Book 4.2: Rules Governing the Credit Registration System at the Central Bank of Egypt
The Central Bank of Egypt mandates that banks, financial leasing companies, and consumer finance partners register customer credit data in the central credit registration system and disclose related parties before granting financing or credit facilities exceeding EGP 30,000. Financial institutions are required to review aggregated credit reports for applicants and their related parties, ensuring compliance with identity verification standards and timely electronic data submission. Failure to submit monthly declarations on time incurs a fine of EGP 1 million for repeat offenses, while specific exemptions apply for certain government entities and guarantors holding specific collateral types.
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Chapter Two: Rules Governing the Credit Registration System (1) at the Central Bank of Egypt
The Central Credit Registration System contains detailed information and aggregates for debtors from banks, financial leasing partners, and consumer finance partners whose debts exceed the threshold approved by a resolution of the Board of Directors of the Central Bank of Egypt of EGP 30,000 or more. The system also contains negative lists for customers who have been subject to negative decisions regarding their accounts below this threshold. The Central Credit Registration System has been linked with the Central Bank's Core Banking System and the Line On communication system.
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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
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CBE published 2 documents in the last 30 days. We email you each new one the day it's published.