Regulatory Alerts2014-11-10
Added · Updated
Rules governing the provision of online banking services
The Central Bank of Egypt mandates that all registered banks providing or intending to provide online banking services comply with new rules governing information system governance and risk management. Banks holding existing licenses must submit a timeline to align their operations with these rules within three months, with full compliance required within twelve months of plan submission. The regulations establish specific controls for customer identification, authentication methods, transaction security, and outsourcing, while requiring boards of directors to actively manage strategic, operational, compliance, and reputational risks associated with internet banking.