On May 7, EGY CB issued circular re banks internal dispute resolution.
EGY CB issued Circular regarding internal dispute resolution regulations for banks.
Overview
Banks must establish fait, clear, effective, independent and free of charge mechanism for banks dispute resolution providing a trained human cadre to examine complaints.
Provided instructions for educating customers about submitting complaints in addition to a mechanism for handling the complaints with following up and evaluating them.
Listed procedure rules that the bank must comply with upon receiving the complaints.
Upon receiving a complaint re a transaction involving outsourcing service providers, payment service providers or agents contracted, bank shall acknowledge the receipt.
Customer rights protection unit may refer complaint to its counterpart in other bank in case of shared responsibility and customer account confidentiality as Law 194 of 2020.
Banks create database to store complaints' data maintaining customer confidentiality.
Customers rights protection unit submits quarterly reports on its work with executive management verification through the compliance department and board of directors.
Enumerated the minimum information that shall be contained in the internal reports.
External quarterly reports are provided to EGY CB by 30 days from each quarter end.
Effectiveness
Banks are granted 6 months reconciliation period from this circular's issuance date.
Regulators
EGY CB
Entity Types
Bank; CNSM
Reference
Cir, 5/7/2024
Functions
Audit; Complaints; Compliance; C-Suite; Financial; HR; Legal; Operations; Outsourcing; Privacy; Record Retention; Reporting; Technology; Training
