CAIRO - 28 December 2022: The Central Bank of Egypt (CBE) issued new instructions to protect the rights of customers and to work on establishing the appropriate mechanism for sending their account statements.
In a new periodic letter to the banking sector, the CBE stated that this comes as a continuation of the Central Bank's efforts to protect the rights of bank customers and to set up an appropriate mechanism for sending their account statements, whether on paper or via electronic channels, to ensure the protection of their data and maintain its confidentiality.
It also comes in light of the trend towards promoting the principle of sustainability by working to avoid the negative environmental impacts resulting from the bank's internal activities, including stimulating electronic communication and replacing it with the use of paper.
“The bank must send account statements to customers every 3 months at most,” it added.
The CBE indicated that the bank should be responsible in all cases for the delay in delivering the account statements, as well as for violating the principles of protecting the confidentiality of customer data.
It added that in the case of account statements using the newly developed means of electronic account statements, the bank is allowed to use any of the electronic means in sending account statements, for example, but not limited to: Internet banking, mobile applications of the bank, and the e-mail.
The Central Bank obligated the banks to obtain its approval on the technical solutions related to the issuance and sending of these statements, with regard to data integrity, validity and encryption, while setting the terms and conditions for sending electronic account statements and obtaining the customer’s approval on them before activating the service.
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