The Central Bank of Egypt (CBE) issued new rules regulating reporting of bank statements by the banking sector, according to a circular on December 28th.
The CBE mandates banks to submit customer bank statements every three months with proof of delivery.
The new rules stipulate that banks should put in place policies and procedures to maintain the confidentiality of customer bank statements through all phases of preparation.
The central bank mandates banks to include clauses that guarantee the delivery of statements in a timely manner in outsourcing contracts.
According to the new rules, banks shall assume responsibility for the delay in the delivery of bank statements and any breach of the confidentiality of customers’ information.
In the case of electronic bank statements, the CBE allows banks to use electronic methods for sending bank statements upon approval from the central bank.
Moreover, the CBE sets regulations for the terms and conditions for the delivery of electronic bank statements including giving instructions to customers regarding the activation of the service for the first time or in case of suspension thereof.
The CBE mandates that the terms and conditions should also include a mechanism to verify customers’ emails.
The central bank directed banks to use different encryption methods to secure the delivery of bank statements with strong passwords and multi-factor authentication.
On another note, the CBE’s new rules stipulate that customers shall approve or disapprove of the content of bank statements within 30 days of the notification date, or their approval would be assumed.
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