Regulatory Alerts2024-08-11
Added · Updated
Circular dated August 7, 2024 confirming the opening of accounts for foreigners in banks
The Central Bank of Egypt confirms that banks are permitted to open and manage bank accounts for non-resident foreign customers in the Arab Republic of Egypt, refuting previous refusals to provide such services. Banks are required to fully comply with all laws, supervisory regulations, and due diligence procedures issued by the Central Bank and the Financial Intelligence Unit regarding anti-money laundering and counter-terrorism financing. This directive aims to mitigate reputational risks for banks and prevent financial transactions from moving outside the regulated banking sector.