Regulatory Alerts2018-01-10
Added · Updated
Circular dated January 9, 2018 regarding monitoring the accounts of deceased persons to avoid adding insurance and pension benefits to them
The circular instructs bank boards of directors to periodically monitor accounts receiving insurance and pension benefits and to notify the Social Insurance Authority when account holders die, in order to prevent the unauthorized addition of such benefits to deceased persons' accounts.
1
Cairo on: January 9, 2018
Dear Mr. Chairman of the Board of Directors,
Bank
Greetings,
With reference to information received indicating that there are a number of accounts at some banks where insurance and pension benefits are transferred despite the death of their owners, I would like to emphasize the necessity of taking the appropriate measures to comply with the periodic monitoring of these accounts and notifying the Social Insurance Authority thereof, with the aim of clearing the accounts and avoiding the repetition of adding benefits to them without justification.
Please be so kind as to alert regarding taking the necessary action in this regard.
Accept the highest regards
Gamal Naguib