23 Hrs
Source:
اليوم السابع
Unlicensed money transfer penalties
The legal article states that the act of individuals or institutions dealing in foreign currency outside of banks or licensed entities is punishable by imprisonment for a period ranging from three to ten years, along with a fine between one million and five million Egyptian pounds, with the associated funds related to the crimes being confiscated. It also reiterates that unlicensed money transfer activities are punishable by a similar fine or imprisonment from six months to three years, with confiscation of the involved funds if possible. The regulations confirm that banks and money exchange companies are permitted to carry out foreign currency transactions only with the approval of the Central Bank, and they are required to submit data on these transactions to ensure oversight.
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