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Central Bank Law Targets Credit Fraud
According to the Central Bank and Egyptian banking system law, strict regulations have been established to organize credit granting operations. The aim is to ensure the verification of clients' creditworthiness and the accuracy of the information provided, while also enhancing system integrity and protecting banks from fraud and deception. The law stipulates that the board of each bank must set credit policies and procedures to verify clients’ suitability, define the authorities responsible for granting approvals, and submit periodic reports on the credit portfolio. Additionally, the law punishes anyone who intentionally provides false information or conceals facts to obtain credit, with fines of up to one million Egyptian pounds, and penalties may include imprisonment. Violators are also required to compensate those harmed by fraud or deception. The law seeks to safeguard the banking system and its stability by increasing penalties and ensuring transparency in financing operations.
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