Regulatory Alerts2022-03-29 | CBE5.10Added · Updated
CBE Regulation Book 5.10 - Controls For Providing Services Of Commercial Registry And Real Estate Notarization (Documentation) Inside Bank Branches
The Central Bank of Egypt approves the general framework and specific controls for banks to provide Commercial Registry and Real Estate Notarization services through their branches via agreements with the Ministry of Supply and Internal Trade and the Ministry of Justice. Commercial Registry services are available to the general public, while Notarization services are initially restricted to bank customers at state-owned branches. Banks must obtain prior CBE approval, ensure physical and operational separation of these services from banking activities, and secure liability waivers from the respective ministries. The framework mandates that all documentation, marketing, and customer acknowledgments clearly identify the ministries as the service providers, prohibits banks from cross-selling banking products to these customers, and requires dedicated accounts for fee collection without cash handling by bank staff.
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