Regulatory Alerts2024-07-02
Added · Updated
Circular dated July 2, 2024 regarding the periodicity of reviewing internal policies in banks
The Central Bank of Egypt mandates that banks must review their internal policies at least every three years and update them as necessary. This review and any resulting updates must be approved by the board of directors. Additionally, banks are required to update their work procedures to reflect any amendments made to the relevant policies.
Cairo on: July 2, 2024 Dear Sir/Chairman of the Board of Directors,
Greetings,
With reference to the banking governance instructions issued on August 23, 2011, which included requiring bank boards of directors to adopt their internal policies and ensure their periodic review to unify practices, the Board of Directors of the Central Bank of Egypt, in its meeting held on June 25, 2024, has decided the following:
Banks are required to review their internal policies every 3 years at the maximum interval and update them if necessary, while ensuring the approval of the review and/or update process by the Board of Directors. Furthermore, work procedures should be updated - where required - to reflect any amendments made to the relevant policies.
Please be guided to comply with the aforementioned decision.
Yours faithfully, Hassan Abdallah