Regulatory Alerts2023-03-08
Added · Updated
Circular dated March 8, 2023 regarding the rules regulating card coding services on electronic device applications
The Central Bank of Egypt mandates that all banks and licensed token service providers operating in Egypt adhere to specific rules for tokenization services on electronic device applications, establishing minimum risk management standards and compliance requirements. The regulations define the roles of key entities, including the Unified Issuer TSP Interface managed by Misr Banks Company, and impose obligations on issuer banks, acquirer banks, and card networks regarding security, anti-money laundering, and operational integrity. Banks are required to implement robust cybersecurity measures, conduct regular penetration testing, and maintain strict controls over token provisioning and transaction verification.