CBE allows non-residing foreigners to open bank accounts in Egypt

The new letter follows another issued in April 2016. The former letter addressed the refusal of some banks to open accounts for foreign clients not residing in Egypt and the complaints made by foreign clients in that respect. Foreign clients complained that such refusal prevents them from benefiting from banking services and products, which may result in increased risks of financial transactions outside the banking sector.

The CBE emphasized in its letter on Sunday that opening bank accounts for foreign clients not residing in Egypt should be carried out without prejudice to the controls and rules regulating the opening of accounts, and should include normal due diligence procedures for bank clients.