CBE issues new instructions on confirming the opening of accounts for foreigners in banks

The Central Bank of Egypt (CBE) issued a new periodic book on August 7, 2024, confirming the opening of accounts for foreigners in banks.

The statement stated that there is nothing to prevent the opening and handling of accounts for foreign customers who do not reside in the Arab Republic of Egypt and the availability of various banking services offered by those accounts, in order not to prejudice the regulations and rules governing the opening of accounts as well as the due procedures for bank customers.

The Central Bank and the Anti-Money Laundering and Terrorist Financing Unit must comply fully with all relevant laws and regulations.

This is in follow-up to the periodic book issued on April 19, 2019 on the refusal of some banks to open accounts for non-resident foreign customers in Egypt and a number of complaints from some foreign customers regarding banks' refusal to open bank accounts for them, Which does not enable them to benefit from banking services and products business, which may result in the risk of increased financial transactions outside the banking sector.

In this regard, the statement that such practices are detrimental to customers' dealings with banks and the potential reputational risk to banks operating in Egypt, and in the interest of the Central Bank for the safety of the Egyptian banking sector.