Regulatory Alerts2026-04-02
A circular dated April 2, 2026 regarding the establishment of a specialized department to manage and combat fraud in banks
The Central Bank has mandated all banks operating in Egypt to establish specialized Fraud Management and Combat Departments. These departments, reporting to the Head of Risk, are responsible for setting fraud combat policies, conducting internal and external fraud examinations, monitoring all banking products, and managing internal warning lists of involved parties. Furthermore, banks must obtain Central Bank approval for new fraud combat officials, provide data for existing ones, and are required to report all fraud cases to the Central Bank's dedicated system, with a six-month period granted for compliance with these instructions.
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