Regulatory Alerts2026-06-25
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Circular Letter Dated June 25, 2026 Supplementing the Circular Regarding the Establishment of a Specialized Fraud Management Department in Banks
The Central Bank of Egypt issued this supplementary circular to clarify the scope, coordination, and legal boundaries of specialized fraud management departments within banks. It mandates that technical inspections focus on identifying the nature, means, and risk linkage of fraud cases without overriding the original competencies of internal departments or the Anti-Money Laundering and Counter-Terrorist Financing Unit. Furthermore, it establishes strict role separation for Fraud Management Officers, defines continuous reporting mechanisms to the Compliance Department, and outlines the central department's preventive research and risk assessment duties.
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