Regulatory Alerts2019-02-19
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Circular dated February 19, 2019 regarding instructions for protecting the rights of bank customers
The Central Bank of Egypt issued instructions establishing a regulatory framework for protecting bank customers' rights, requiring banks to ensure fairness, transparency, and data confidentiality in all banking services. The rules mandate the creation of a dedicated Customer Rights Protection Unit to handle complaints within fifteen working days, enforce clear contract terms, and prohibit unfair clauses or unauthorized fees. Banks are required to provide financial literacy education, ensure products match customer capacity, and submit quarterly reports on customer complaints to the regulator.
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