Regulatory Alerts2024-05-07
A circular dated May 2, 2024 regarding the rules regulating banks’ dealings with money transport companies in Egypt
The letter outlines security measures that banks in Egypt must implement when dealing with cash transportation and related services, such as cash counting, sorting, ATM replenishment, and maintenance. Banks must ensure that cash transportation companies adhere to security protocols, including armored vehicles, surveillance cameras, fire safety, and armed guards. Detailed specifications are provided for vault rooms, cash processing areas, and security systems. Banks are responsible for conducting security audits and ensuring compliance with regulations. The guidelines also cover cash handling procedures, such as dual control for vaults, record-keeping, and segregation of cash storage. Companies must have contingency plans and alternative work sites to ensure business continuity during emergencies. Regular staff training and qualifications are emphasized, with a focus on security and cash management.