Financial Crime World

Bank Compliance Procedures in Egypt Under Scrutiny

The Central Bank of Egypt (CBE) has been intensifying its oversight of commercial banks, including the Suez Canal Bank (SCB), to ensure they adhere to strict regulatory compliance procedures.

Ensuring Regulatory Compliance

As per CBE instructions, SCB has implemented a robust internal control system, policies, and procedures that guarantee proper implementation of all regulations. The bank also adheres to:

  • Foreign American Tax Compliance Act (FATCA): SCB complies with FATCA requirements to ensure transparency in financial transactions.
  • Other laws issued by supervisory authorities: SCB adheres to all relevant laws and regulations, ensuring the integrity of its operations.

Unique Identification Numbers

SCB’s commitment to compliance is evident through its unique identification numbers:

  • Global Intermediary Identification Number (GIIN): 3P9378.99999.SL.818
  • Legal Entity Identifier (LEI) Code: 549300L2TJKMRAVJCZ02

Customer Protection and Compliance Statement

SCB takes customer protection seriously, with a clear compliance statement on its website outlining:

  • Ownership structure
  • Board of directors
  • AML/CFT procedures

Adherence to Anti-Money Laundering Laws

In line with Anti-Money Laundering Law No. 80 for the year 2002 and subsequent amendments, SCB adheres to:

  • Customer due diligence procedures issued by the Egyptian Money Laundering Combating Unit (EMLCU)
  • FATF recommendations
  • Wolfsberg Group principles

Corporate Governance Framework

SCB’s corporate governance framework is transparent and in line with legislative requirements, ensuring disclosure of all necessary data on its operations, financial performance, and shareholder structure.

Customer Rights Protection

Customer rights protection is a top priority for SCB, which has established an independent Customer Protection Unit within the Compliance department to handle customer complaints. The unit ensures that all complaints are thoroughly investigated, followed up, resolved, and reported to the Board of Directors, Audit Committee, and CBE.

Regulatory Principles

SCB’s commitment to protecting customers’ rights is based on clear regulatory principles, including:

  • Justice
  • Equality
  • Disclosure
  • Transparency
  • Data protection

By adhering to these principles, SCB aims to promote a banking culture and awareness among its customers, enabling them to make informed decisions.