Regulatory Alerts2024-05-07
Added · Updated
Circular dated May 2, 2024 regarding the rules regulating banks’ dealings with money transport companies in Egypt
The Central Bank of Egypt mandates that all banks operating in Egypt ensure money transport companies adhere to specific security, operational, and insurance standards when handling cash counting, sorting, and ATM services. Banks are required to conduct security inquiries, perform security inspections, and include compliance clauses in their contracts with these companies. The regulations impose detailed requirements on armored vehicles, surveillance systems, fire safety, information security, and emergency planning, with a six-month grace period for banks to align their practices and submit an implementation timeline.