We publish transaction limits on individual and corporate accounts

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09:23 AM

Tuesday 06 October 2020

I wrote – Manal Al-Masry:

The Central Bank announced, yesterday, Monday, that several facilitations have been taken to simplify the procedures for opening accounts, whether for individual customers or for micro-enterprises, craftsmen and liberal professions.

In its statement yesterday, the Central Bank said that, in cooperation with the Anti-Money Laundering and Terrorism Financing Unit, it has simplified account opening procedures, giving banks more flexibility in dealing with clients, enhancing financial inclusion, and contributing to motivating citizens to open bank accounts.

He mentioned that the new procedures allow new customers to open current or savings accounts, such as savings, deposits and certificates, with the national ID card only.

Accounts will also be opened for micro-enterprises, as well as self-employed and craftsmen under the name of “economic activity”, when they wish to open accounts in the name of the establishments and workshops owned by them, according to the central.

He added, “This would provide an opportunity to benefit from banking services, on top of which is obtaining the necessary financing for the growth of their business.”

The Central Bank’s instructions included, in a circular issued on its website, to raise the daily and monthly limits for transactions that take place on accounts for individuals, companies and micro-enterprises to give more flexibility to deal with these accounts.

The Central Instructions include daily and monthly maximum limits for transactions on these accounts, which were approved during the periodic book as follows:

First – Limits of transactions on individual accounts:

A- The maximum account balance: to be determined by the bank.

B- The daily limit: an amount of 30 thousand pounds.

C. The monthly limit: the amount of 100 thousand pounds.

Second – Limits of transactions on accounts of companies and micro-establishments that have documents or headquarters or are verified using any other means:

A- The maximum account balance: to be determined by the bank.

B- The daily limit: the amount of 40 thousand pounds.

C. The monthly limit: 200 thousand pounds.

Third – Limits of transactions on the accounts of companies and micro-enterprises or self-employed persons and craftsmen who do not have any of the above mentioned in the second clause and are engaged in an economic activity, “for example: craftsman, electrician, plumber, carpenter, … etc.”, Those who are listed under the name of “economic activity” according to the explanatory memorandum that will be issued later in this regard:

A- The maximum account balance: to be determined by the bank.

B- The daily limit: an amount of 30 thousand pounds.

C- The monthly limit: 100 thousand pounds.

According to the periodic book, the Chairman of the Board of Trustees of the Anti-Money Laundering and Terrorist Financing Unit issued a decision that includes the application of due diligence procedures for financial inclusion products and services to new clients when opening traditional bank accounts in banks, whether current or savings, that do not depend on the use of modern financial technology (including accounts Savings, deposits, savings certificates, etc.).

The decision included that when opening these types of accounts, there is no need to obtain the approval of the Central Bank and the Anti-Money Laundering and Combating Terrorism Financing Unit, provided that customers are not classified as high-risk.

The Central Bank confirmed that an explanatory memorandum would be issued dealing with clarifications on due diligence procedures for financial inclusion products and services, in conjunction with the Anti-Money Laundering and Terrorism Financing Unit.



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