Regulatory Alerts2024-11-11
Added · Updated
Circular dated November 11, 2024 regarding opening accounts for youth from 15 years old instead of 16 years old up to 21 years old
The document amends the age threshold for opening bank accounts for youth without guardian approval from 16 to 15 years old, while maintaining the upper limit at 21 years old. This change aligns with the Minister of Interior’s decision No. 2240 of 2022, which lowered the age for issuing an identity card to 15. Banks are required to ensure that banking products provided to this age group are proportional to their eligibility limits and associated risks, and must adhere to all relevant controls and instructions.