Egypt: Central Bank of Egypt allows opening of

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The Central Bank of Egypt (CBE) requires Egyptian banks to open non-resident bank accounts for foreign customers who do not reside in Egypt in its latest circular issued on August 7, 2024. The directive aims to expand foreigners’ access to a range of banking services, enabling them to benefit from them, while ensuring compliance with account opening regulations, KYC requirements and anti-money laundering laws and regulations.

The Central Bank of Egypt stressed the necessity of the decision, noting that denying non-residents the opportunity to open accounts could increase the risks of financial transactions conducted outside the regulated markets and adversely affect the reputation of banks in the Egyptian banking sector.

If the directive is extended to foreign companies, which is not explicitly stated in the circular, the move would be a positive step towards making Egypt more investor-friendly and facilitate the entry of multinational companies into the Egyptian market.

For more information and to discuss what this development means for you, please get in touch with your usual Baker McKenzie contact.

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