Egypt’s Central Bank Law Sets Fines of Up to EGP 1 Million for Credit Fraud

Egypt’s Central Bank and Banking System Law addresses credit fraud with penalties reaching EGP 1 million, alongside rules governing the granting of credit.

The law establishes clear controls for credit operations, requiring checks on customers’ creditworthiness and the accuracy of the data and information they submit.

Those checks are intended to ensure that lending decisions are based on verified information about applicants and their ability to meet credit obligations.

The provisions place the reliability of customer information at the centre of the credit process, linking safeguards against fraud with the assessment of lending risk.