The Central Bank of Egypt (CBE) requested that banks operating in the local market monitor the accounts to which insurance dues and pensions are transferred to.
In a letter to the banks, Gamal Negm, deputy governor of the CBE, said that the CBE has received information confirming the existence of a number of bank accounts to which insurance and pensions are transferred despite the death of their owners.
Negm asked the banks to monitor these accounts on a regular basis and notify the National Organisation For Social Insurance.
He stressed that the aim is to filter these accounts and avoid unjustly transferring money to them.
