Regulatory Alerts2024-05-08
Added · Updated
Circular dated May 7, 2024 regarding the instructions regulating the mechanism for dealing with complaints in banks
The Central Bank of Egypt mandates that all registered banks, including foreign branches, implement a comprehensive, fair, and transparent mechanism for handling customer complaints. Banks are required to establish dedicated Customer Rights Protection Units, provide free complaint channels, and adhere to strict timelines for acknowledgment (within 2 working days), resolution (15 working days), and final response. The regulations enforce specific obligations for data retention for at least five years, internal reporting to audit committees, and the integration of third-party service providers into the complaint framework, including provisions for transferring complaints to other banks.
Topics
Share