Regulatory Alerts2019-04-04
Added · Updated
Rules for Payment Technology Service Providers and Electronic Payment Process Facilitators in the Arab Republic of Egypt
The Central Bank of Egypt establishes minimum rules for banks interacting with Payment Aggregators and Electronic Payment Facilitators, requiring board approval of risk strategies, due diligence, and specific contractual clauses including non-disclosure and audit rights. Banks must implement internal controls, daily transaction monitoring, and emergency plans, while prohibiting engagement with specific high-risk activities such as virtual currencies, pyramid schemes, and gambling. The regulations mandate adherence to anti-money laundering laws, information security policies, and the maintenance of bank guarantees equivalent to three days of collected funds.