Regulatory Alerts2023-01-06 | 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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