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The Central Bank of Egypt (CBE) has issued regulations on the export and import of surplus foreign currencies abroad in order to set standards to regulate this activity in the Egyptian banking market in order to to maintain the good performance of the banking system.
The criteria defined by the Central Bank of Egypt (CBE) provided that banks wishing to export and import foreign currency excess securities should contact the central banking and supervisory banking department to obtain their authorization to carry on business in the month of January of each year, provided that several conditions are met. The board of directors must approve and document the Bank's policies and procedures covering all operations related to the export and import of banknotes (banknotes), systems and procedures anti-money laundering and terrorist financing operations, as well as the availability of effective internal control systems for transactions. With regard to the export and import of tickets and the approval of contracts by the Legal Service, the Risk Management and Compliance Department before signing them with the parties involved in the operation, provided that all the details and responsibilities of each party include anti-money laundering and anti-terrorist financing regulations, and that the employees concerned benefit from the courses. Foreign exchange banknotes, such as counterfeit money laundering and terrorist financing, especially with respect to operations related to the export and import of currency banknotes.
According to a statement, the CBE banned banks from outsourcing the foreign exchange surplus to any company to export funds to Egypt, except with prior authorization from the Central Bank, and allowed them to contract with financial institutions ( banks or foreign exchange companies) to carry out the process of foreign currency export. Conduct a thorough examination of the stupidity and a credit study of these establishments before contracting them to determine the feasibility of the contract and determine a credit limit for each facility renewed each year as well as a credit limit. internal ceiling of the size of a single operation, to cover the risk of non-payment.
The Central Bank has stressed the availability of several criteria, in particular that the institution is subject to one of the supervisory bodies and that it has the authorization of this authority to carry out this activity, that she has been successful in her creation and practice for at least five years and that she has not been subject to any sanctions or fines. The supervisory authority in the country in which it operates, or sanctions related to third-party money laundering operations, and the procedures for combating money laundering and terrorist financing are approved and documented by the board of directors of the Company with respect to the activities of shipping, exporting and importing banknotes, as well as the systems necessary for their application So with AD Backing banks to expand the network of financial institutions that can be contracted to ensure the continuity of the export business and the lack of concentration with a limited number of institutions.
The CBE has stated in its letter to the banks that they should continually evaluate all their customers with regard to the export and import activities of banks, such as insurance and transport companies, and others.
The EPC obliged the banks to perform a set of procedures for any excess banknote export transaction, in particular by confirming that the export was carried out by the authorized bank or by the intermediary of the bank. 39, one of the banks authorized to carry out export activities by the EPC. A statement stating that there is a sufficient balance of the operating requirement outside the amounts to be exported, a statement indicating that the foreign currency banknotes to be exported are kept in the bank's cash. The components of this surplus of currency types – without quantities – and throughout the day before the application for export approval from the Central Bank, provided that a copy of the application Export authorization is attached, provided that the bank informs the Central Bank's banking operations that it requests the export process At least one day before the date of approval of the the date of export, the issuing bank fully recognized its obligation for the entire export process, from the commitment to the addition of the value in its accounts with its correspondents abroad on the date of expiry date and the bank that provides the export with a company. Insurance, and the need to comply with the instructions issued by the Central Bank of Egypt regarding the security policies and procedures of the banking system issued in May 2018, especially the seventh element, which included securing the transfer of funds between banks and various payment centers when tickets are transferred to the airport.
He pointed to the "central", the bank to provide the general direction of banking operations foreign sector of the central bank to approve the export, an indication of the customs of the exported amount, as well as that a copy of the documents showing receipt by the bank of the actual value of the foreign exchange notes in the previously exported correspondent's notebooks The Central Bank of Egypt has the right to revoke the export license of currency notes at any time without giving any reason. Please list the Central Bank of Egypt for exchange rates.
Banks are allowed to use the relevant companies abroad in the field of the operations of shipping, exporting and importing currency banknotes, provided the volume of the transaction does not exceed the equivalent of $ 10 million and is not less than the equivalent of $ 2 million, each transaction being presented separately to the Central Bank – Banking Sector – for study. The approval is reached.
Date: 2019-08-07
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