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The Central Bank of Egypt (CBE) has issued an important circular on August 7, 2024, addressing the procedures for banks operating in Egypt regarding the opening of bank accounts and the provision of banking services to Non-Resident Foreign Clients.
The CBE issued this circular in response to numerous complaints from Non-Resident Foreign Clients who have encountered obstacles when attempting to open bank accounts in Egypt. These challenges, experienced at certain banking institutions, have not only restricted access to essential banking services but have also raised concerns about the potential for financial transactions to move outside the regulated banking sector.
The circular clearly states that there are no restrictions on the opening of bank accounts for Non-Resident Foreign Clients under the current Egyptian banking regulations. The refusal to provide such services, as emphasized by the CBE, could expose banks to significant reputational risks and undermine the integrity of Egypt’s financial sector.
The CBE has also urged all banks and financial institutions to strictly comply with existing laws and CBE regulations, particularly in relation to Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) measures. Proper due diligence procedures must be followed, ensuring that all banking operations are conducted with the utmost integrity.
This circular is a critical reminder to banks operating in Egypt of their obligations under the law to serve Non-Resident Foreign Clients, thereby supporting the broader economic policy of financial inclusion. For Non-Resident Foreign Clients, this development is a positive step towards securing unfettered access to essential banking services in Egypt, enhancing the ease of doing business and safeguarding their financial transactions within a regulated environment.
At Eldib & Co, we understand the importance of navigating the complexities of banking regulations, particularly for foreign clients. Our team of experts is here to provide comprehensive legal guidance on all aspects of Egyptian banking law, ensuring that your rights and interests are fully protected.
