Regulatory Alerts2019-05-23
Added · Updated
Standards for Issuing and Accepting Contactless Electronic Payments in the Arab Republic of Egypt
The Central Bank of Egypt establishes minimum standards for banks operating in Egypt to safely issue and accept contactless electronic payments. The document mandates that bank boards of directors approve strategies, analyze risks, and implement monitoring procedures for these services. It requires compliance with Anti-Money Laundering (AML) laws, specifically Law No. 80 of 2002, and information security protocols. These rules apply to all local banks and foreign bank branches, serving as a baseline that institutions must exceed through comprehensive risk management.