RegAlert2019-04-04
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.
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Rules for Payment Technology Service Providers and Electronic Payment Process Facilitators Inside the Arab Republic of Egypt Aggregator Payment Technical Facilitators Payment &
Contents
Introduction
Definitions
1 - Scope of the Rules
2 - Responsibilities and Obligations of the Board of Directors and Senior Management 3 - Risks Associated with Provided Services 4 - Anti-Money Laundering and Counter-Terrorism Financing Rules and Information Security 5 - Preparation of Information Security Policy 6 - General Rules for Banks to Use Technology Service Providers and Payment Facilitators 7 - Confidentiality and Integrity of Information 8 - Monitoring Abnormal Activities 9 - Awareness of Subsidiary Companies 10 - Procedures for Obtaining a License to Provide the Service
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Lineage: In force
Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works