Regulatory Alerts2016-05-23
Added · Updated
Circular dated April 19, 2016 regarding banks undertaking activities to market banking products in certain gathering places
The Central Bank of Egypt mandates that banks obtain prior approval before marketing banking products through staff at specific temporary locations such as tourist villages, clubs, and shopping centers, restricting these activities to promotion and inquiries without conducting banking operations or accepting applications. Banks are also permitted to sponsor events using static advertising materials like billboards and screens without staff presence, provided they notify the Central Bank in advance. This directive reinforces previous instructions from September 2008 to ensure compliance and avoid penalties for unauthorized marketing activities.
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