Regulatory Alerts2023-06-26
Added · Updated
Circular dated June 26, 2023 regarding coordination with the National Social Insurance Authority regarding pension accounts
The circular instructs bank boards of directors to maintain permanent coordination with the National Social Insurance Authority concerning pension accounts and beneficiaries, as referenced in the January 9, 2018 circular. It mandates strict compliance with Article 297 of the Executive Regulations of Law No. 148 of 2019 on Social Insurance and Pensions. Banks are required to notify the Authority of these accounts and take necessary measures to ensure adherence to these regulatory obligations.
Cairo: June 26, 2023
Dear Mr. Chairman,
Greetings,
Further to the circular letter issued on January 9, 2018, regarding the monitoring of pension accounts and their beneficiaries, please kindly take the necessary steps to coordinate permanently with the National Social Insurance Authority regarding these accounts and to notify them thereof. I also wish to emphasize taking the necessary steps to comply with what is stipulated in Article (297) of the Executive Regulations of the Social Insurance and Pensions Law issued by Law No. 148 of 2019.
Please be so kind as to alert relevant parties to take the necessary action in this regard.
Accept my highest regards,
Gamal Naguib