Regulatory Alerts2024-08-11
A circular dated August 7, 2024 confirming the opening of accounts for foreigners in banks
In a letter dated August 7, 2024, addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt, Mr. Tarek Al-Kholi expresses concern about the refusal of some banks to open accounts for non-resident foreign customers in Egypt, which has led to complaints and could result in increased financial transactions outside the banking sector. He emphasizes that there are no restrictions on opening accounts for non-resident foreign customers and that doing so does not compromise the safety of the Egyptian banking sector as long as regulatory guidelines and due diligence procedures are followed. He requests strict adherence to all laws and regulatory controls issued by the Central Bank and the Money Laundering and Terrorist Financing Combating Unit in this regard.