Regulatory Alerts2018-09-16
Added · Updated
Circular dated September 2, 2018 regarding establishing a comprehensive database for financial inclusion
The Central Bank of Egypt establishes a comprehensive database for financial inclusion to identify actual beneficiaries and prevent duplication among natural persons. Banks are required to prepare customer data based on official identification documents, with the national ID card as the primary option. The database becomes available for a trial phase on September 30, 2018, requiring the submission of full customer data by October 21, 2018, followed by monthly updates by the 8th of each subsequent month.
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