The Central Bank of Egypt (CBE) has mandated banks operating in the Egyptian market to establish dedicated anti-fraud departments, which will report directly to the Chief Risk Officer and submit regular reports to the Board Risk Committee. The measure also aims to strengthen the central bank’s supervisory role and enhance banks’ capabilities to detect, prevent, and mitigate various forms of fraud. The CBE has granted banks a six-month deadline to comply with the new requirements. The anti-fraud unit will lead technical investigations into internal fraud cases, after which other competent departments will act based on its findings. Finally, the CBE emphasised the importance of the immediate reporting of fraud cases through the designated system of its Central Anti-Fraud and Financial Crimes Department, or any updated reporting channels introduced in the future.

Source: Daily News Egypt April 04, 2026 13:05 UTC