Regulatory Alerts2024-03-28
Added · Updated
Circular dated March 28, 2024 regarding controls for updating customer data
The Central Bank of Egypt mandates that banks standardize customer data update procedures, requiring notification via at least two channels three times before and after the deadline, while prohibiting the suspension of specific services such as check cashing, deposits, and transfers during this process. Banks are forbidden from charging fees for late updates, must allow updates at any branch, permit home visits for elderly or disabled customers, and are granted a three-month grace period to implement these measures.