Regulatory Alerts2012-05-09
Added · Updated
Controls on direct transfers on import operations
The document establishes controls for banks executing direct transfers for import operations, requiring verification of transaction validity and restricting such transfers to credit, commercial, or trusted clients. Banks must ensure documents are routed through the executing bank, obtain written client undertakings, and coordinate with commercial operations departments. If documents are not received within two months or shipping dates are disputed, the bank must report the client to the Central Bank of Egypt for potential blacklisting. Additionally, banks are prohibited from accepting Form 4 documents for goods released by other banks.