Regulatory Alerts2021-01-24
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.
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