EGY CB Banks Dispute Resolution


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
Countries Egypt
Category
State
Products Banking
Regions EMEA
Rule Type Final
Rule Date 5/7/2024
Effective Date 11/7/2024
Rule Id 211359
Linked to N/A
Reg. Last Update 5/7/2024
Report Section International

Last substantive update on 05/13/2024