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.
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