(MENAFN- Daily News Egypt) The Central Bank of Egypt (CBE) has established new regulations for banks' interactions with money transport companies and ATM replenishment services within Egypt. These regulations encompass security and operational protocols that banks are required to follow when engaging with money transport firms.

CBE's initiative is part of a broader strategy to standardise fund transfer mechanisms and enforce stringent efficiency and security measures. All banks in Egypt must comply with these directives to ensure adherence to the prescribed security and safety standards by money transport companies.

Banks have been given six months to align with these regulations and must submit a detailed plan to CBE outlining the steps for full implementation.

Key security measures mandated by CBE include thorough security checks of money transport companies by the banks, facilitated through CBE's security department, following specific guidelines. Contracts between banks and these companies must also permit both the banks and CBE access to the companies' information and data.

The regulations for money transport vehicles mirror those set for ATM replenishment vehicles. For ATM replenishment, CBE emphasises the necessity of having at least two personnel present during the process and the implementation of secure cash transportation methods, such as the use of armoured vehicles with GPS tracking linked to the control room of the respective company.

CBE requires adequate insurance coverage for potential losses, annual insurance policy reviews, established protocols for handling discrepancies, immediate reporting of any variances to the bank, and the maintenance of daily settlement and incident records.

Furthermore, CBE insists on well-defined service level agreements between banks and companies, detailing responsibilities, performance expectations, and contingency plans for emergencies like theft or natural disasters. These plans should be reviewed and tested annually for effectiveness.

ATM replenishment is restricted to daylight hours, and for ATMs within bank premises, it must be completed before customer service hours commence. The replenishment process must utilize circulated notes, be conducted with pre-filled cassettes, and avoid the use of money transport bags. Continuous dual supervision is also required throughout the replenishment.

Finally, CBE highlights the importance of banks notifying the Ministry of Interior's security services well before any cash movement to ensure necessary security measures and protection are provided, especially since the movement of money transport vehicles is prohibited during evening hours.

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