Regulatory Alerts2022-03-29 | CBE5.11Added · Updated
CBE Regulation Book 5.11 - Controls Of Providing Services Selling Of Financial Products Issued By Egyptian Banks
The Central Bank of Egypt mandates that the Egyptian National Post may only sell financial products issued by Egyptian banks through its post offices if specific regulatory conditions are met, including formal agreements defining responsibilities, authorized personnel, and service scope. The National Post must ensure its employees are fully registered with the General Authority for Investment and Free Zones and that the banks selling these products hold the necessary licenses. Additionally, the National Post is authorized to manage US Dollar savings accounts on behalf of the Central Bank of Egypt, with service fees and commissions determined by the Central Bank.
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