Regulatory Alerts2016-04-11
Added · Updated
Circular dated March 27, 2016 amending the rules for operating mobile payment orders
The Central Bank of Egypt amends the rules for operating mobile payment orders to allow the receipt of family remittances from abroad via mobile phones. The amendment introduces Annex No. (2), establishing guidelines for receiving foreign currency remittances into the mobile accounts of natural persons. Banks must verify customer identity under the 2011 AML/CFT rules, monitor transactions for suspicious activity, and ensure funds are converted to Egyptian Pounds. The maximum transfer limit is determined by the bank's risk assessment and must not exceed the account balance limit specified in Article 1/5.