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The Compliance Department in the Bank is responsible for the Bank business' extent of compliance and conformity with laws, controls, and the best professional practices for protecting the Bank from the risks of non-compliance. Those risks are defined as the risks that expose the Bank to legislative and regulatory penalties, material and monetary losses, or defamation as a result of failure to comply with the laws, rules, and standards applicable to its Banking activities.
Housing and Development Bank complies with the application of regulatory controls of anti-money laundering and terrorism financing, which are issued from the Central Bank of Egypt and recommendations of the Financial Action Task Force (FATF).
The Board of Directors has approved an Anti-Money Laundering and Terrorism Financing Scheme, including but not limited to the following:
The U.S. Account Tax Compliance Act, enacted in 2010 as part of the HIRE Act, is a key step in U.S. efforts to counter tax evasion by U.S. persons holding investments in bank accounts outside the United States and was issued definitively on January 17, 2013 and published on January 28, 2013.
Under the provisions of the FATCA Act, all Financial Institutions, whether operating in the United States or abroad, are required to classify their customers into two classes:
FATCA law will require Foreign Financial Institutions to report directly or indirectly to the U.S. Income Tax Authority (IRS) provided that these reports contain specific information on the Financial Accounts held by:
Foreign Financial Institutions that will not agree to abide by FATCA will:
To comply with the new reporting requirements appropriately, Foreign Financial Institutions were required to enter into a special agreement with the U.S. Income Tax Authority (IRS). The Central Bank of Egypt decided on 2014/2/22 that Egyptian Banks to follow the individual approach while complying with the said law. Accordingly, the Central Bank of Egypt sent a letter to all banks operating in Egypt asking them to register directly with the U.S. Income Tax Authority (IRS) and to comply with FATCA law under individual agreement model. Accordingly, Egyptian Banks signed the intergovernmental agreement Form2 (IGA-2).
Housing and Development Bank registered with the U.S. Income Tax Authority (IRS), became committed to the application of FATCA law and has been included in the lists of participating Foreign Financial Institutions issued by the U.S. Income Tax Authority, which can be found on the website:
Note that the GIIN number of Housing and Development Bank is 96BS9U.99999.SL.818
The General Department for the Protection of Customer Rights was established on 27/09/2018, in accordance with the directives of the Central Bank of Egypt, with the aim to activate the centralization of receiving customers’ complaints through various channels (printed/electronic). The presented complaints are examined and considered during the specified time in this regard, and then they are responded to as soon as possible. In the implementation of the confidentiality of customers' data and accounts, the Department replies to complaints via electronic means, according to the customers' registered data on the banking system. Moreover, it coordinates with the departments concerned at our Bank to solve and settle the complaint.
Housing and Development Bank works on protecting its customers from financial crimes, which represent a global problem, such as fraud, cybercrimes or accounting fraud. We present some advice for the prevention of such crimes and protection of our customers from being exposed to fraud:
The customers of Housing and Development Bank should follow the following steps: