Central Bank requires banks to send account statements to customers every 3 months

The Board of Directors of the Central Bank announced new decisions regarding banks, all of which are in the interest of citizens, including that banks send statements of accounts to customers every 3 months.

According to the decision of the Central Bank, there are procedures related to the controls for sending customer account statements, whether on paper or through electronic channels, to ensure the protection of their data and the preservation of its confidentiality.

The Central Bank indicated that this measure is to protect the rights of bank customers, and the bank is responsible in all cases for the delay in handing over the account statements, as well as for violating the principles of protecting the confidentiality of customer data.

This step comes in light of the trend towards enhancing the principle of sustainability by working to avoid negative environmental impacts resulting from the bank's internal activities, including stimulating electronic communication and replacing it with the use of paper.

- In the event that the letter is returned, the customer will be notified, using the available means of communication, of the availability of the account statement at the branch closest to him to receive it.

Confidentiality of customer account statements

As it came during the meeting of the Central Bank, the preparation of policies and procedures necessary to maintain the confidentiality of customer account statements, which include:

1- The insurance mechanism during the various stages of preparing the statement and passing through the bank's internal systems.

2- Sending the account statement to the customer, whether the service is provided through the bank or through outsourcing companies.

3- Ensure that the contracts concluded between the bank and the outsourcing companies include binding clauses regulating the controls for delivering those statements quickly and efficiently, as well as setting penal conditions for them in case they are violated.

The bank is allowed to use electronic means to send account statements, including but not limited to internet banking, mobile applications of the bank, e-mail, and the approval of the Central Bank of Egypt must be obtained on the technical solutions related to the issuance and sending of these statements, with regard to data integrity, correctness, and encryption.

Setting the terms and conditions for sending electronic statements of accounts and obtaining the customer’s approval thereof prior to activating the service, or the occurrence of a change in those terms and conditions, either in writing or by using one of the secure means that take into account the verification of the customer’s identity, for example, but not limited to: Internet banking or The bank's mobile applications, and it is required that the printing of terms and conditions be clear and specific.