Financial Authority Issues Consumer Finance Guide
The General Authority for Financial Supervision has issued the first comprehensive guide outlining the rules and regulations governing consumer finance activity in Egypt, aimed at organizing the market and protecting customers' rights. The guide covers all stages of finance companies' operations, including licensing, capital requirements, governance, marketing, disclosure, and anti-money laundering measures. It also includes requirements for creditworthiness assessment and customer insurance. The goal of the guide is to enhance transparency and efficiency within the sector, while complying with Basel III standards and cybersecurity measures, to ensure market stability and companies' ability to fulfill their commitments.
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