RegAlert2021-01-24
Added · Updated
Circular Letter dated January 24, 2021, regarding the implementation of local transfers in Egyptian pounds and IBAN usage
The circular clarifies that the verification of beneficiary data for local transfers in Egyptian pounds must be conducted in accordance with standard verification procedures and existing internal bank procedures. This directive supplements the circular issued on January 6, 2021, which mandated the activation of the International Bank Account Number (IBAN) for all local transfers to ensure the accuracy of beneficiary information.
CBE published 2 documents in the last 30 days — get each new one by email the day it lands.
Cairo, January 24, 2021
Dear Chairman of the Board,
Greetings,
With reference to the circular letter dated January 6, 2021, regarding the instructions for implementing local transfers in Egyptian pounds, and specifically Item Two concerning the activation of the International Bank Account Number (IBAN) with a view to mandating banks to use it for executing all transfers in a subsequent phase, particularly regarding the bank's future obligation to verify the accuracy of beneficiary data,
I wish to confirm that the verification of data accuracy is intended to be carried out in accordance with standard verification procedures and the existing internal procedures in this regard.
Please be informed and take the necessary actions regarding the above.
Accept my highest regards,
Gamal Naguib
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Similar documents from other regulators
BCBCircular No. 3625 — Establishes standard format for identification of bank accounts held in Brazil for international fund transfers (IBAN format) and regulates its useBrazil · 2013-02-14
BCSTPRegulation (NAP) – International Bank Account Number (IBAN)Sao Tome and Principe · 2015-11-12
CBKRegulation on the Structure and Use of the Unique Payment Account Identifier for National and Cross-Border TransactionsKosovo · 2023-11-29
CBBHInstruction on the Structure and Use of the International Bank Account Number (IBAN)Bosnia and Herzegovina · 2009-05-21
BDPCircular Letter No. CC/2025/00000009: Rules for the Use of the Unique Identifier for Payment Accounts Domiciled with Payment Service Providers Established in Portugal (IBAN PT)Portugal · 2025-04-24
NBRMMeeting of the National Bank CouncilNorth Macedonia · 2026-08-31
NBGRegulation on the Use of International Bank Account Number in Banking Institutions of GeorgiaGeorgia · 2010-03-17
Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from CBE
CBE published 2 documents in the last 30 days. We email you each new one the day it's published.