Have you introduced yourself?

Dear Customer,

This information is addressed both to you, as a new or existing customer, and to persons dealing for once with the bank.

It is intended to provide information on your obligations according to the law, regarding the details and information you are required to provide to the bank, in order to adequately document your identity and source of income.

Why am I required to provide details to the bank?

According to relevant provisions which are in force internationally, a special regulatory framework was established regarding the prevention of the use of the financial system for money laundering and terrorism financing purposes.

This framework intends to:

  1. Ensure the integrity of the banking system
  2. Protect the legal interest and safeguard the financial transactions of all persons carrying out such transactions

In adhering to the above regulatory framework, bank is required to refrain from executing a transaction, unless it has confirmed and verified, in advance, the identity of the person involved in the transaction.

Bank can further require its customers to present extra documentation to proof the legality of the transaction.

What exact details will I be required to provide and how will these be certified?

In case you wish to open a bank account, hire a safety deposit box, request a loan or carry out other transactions (credit transfers, remittances, etc.) the details required according to the law (whether you are the main beneficiary, co-beneficiary, primary debtor or guarantor), the certifying documents are:

  1. Valid National identity card (NID) for Egyptians or Passport for foreigners, proofing your identity
  2. Utility Bill, proofing your residence address, if differs from the existing one in the NID
  3. Phone Number (Home or business)
  4. Employer’s HR letter, proofing the present profession and current business address
  5. Customer’s signature sample

The documents should be in their original form, while bank can request its customers for regular updating and maintain copies thereof.

Depending on the transaction type and amount, the documents the bank will request may differ. It is, therefore possible that additional details and information may be requested.

How does a bank use the details I provide and any personal data contained therein?

The details you provide to the bank:

  1. Are safely kept for such time as required by the relevant laws
  2. Are solely used for the purposes of their collection
  3. Any violation of these laws by a bank results to very heavy penalties and fines