Regulatory Alerts2019-12-04
Added · Updated
Circular dated December 3, 2019 regarding conducting a field inquiry about suppliers of credit clients
The Central Bank of Egypt requires banks to verify the legitimacy of suppliers before granting credit facilities for working capital to pay supplier invoices. Banks must obtain an approved supplier list from the client, conduct field inquiries for local suppliers, and obtain commercial registry copies prior to transactions. Existing clients are granted a three-month grace period to comply with these field inquiry requirements.
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