- The Central Bank of Egypt issued the rules regulating banks’ dealings with money transport companies qualified to count, sort, feed and maintain ATM machines.
- This came within the circular issued by the Central Bank regarding the rules for banks’ dealings with money transport companies within the Arab Republic of Egypt, which includes the security and operational procedures and standards that banks must adhere to when contracting with companies.
- The instructions included the necessity of the presence of at least two individuals during the process of feeding the ATMs, in addition to establishing written standard operating procedures for feeding the ATMs and technical visits, pointing out the need for these procedures to include cash handling procedures, accident reporting, and safety protocols.
- The Central Bank also stressed the need to have appropriate measures in place to transport cash safely through armored vehicles and Global Positioning System (GPS) tracking systems linked to the company’s control room.
- He pointed out the necessity of having appropriate insurance coverage to cover potential losses, reviewing insurance policies annually, establishing procedures to address deficits and excesses, informing the bank of any discrepancies immediately, and recording settlement records and accident reports daily, indicating that it is necessary to have a record to record withdrawn cards and adhere to the distribution plan for each. A bank, provided that the name of the bank, the machine, and the first and last 4 numbers of the card are recorded, and it is prohibited in any way to deliver cards to customers by the company.
- The Central Bank added that it is necessary to have clearly defined service level agreements between the bank and companies, specifying the company’s responsibilities and performance expectations, developing accident response plans and emergency measures to deal with emergency situations such as thefts or natural disasters, reviewing these plans and evaluating their effectiveness by testing the scenario once a year or actual incidents.
- The Central Bank stressed the need to adhere to the cash feeding times for ATM machines until the last light of the sun and not to perform any cash feeding in the evening, while committing to feeding the machines inside the branches before the morning working hours in the branches, provided that the feeding is completed sufficiently before the opening of the bank branch.
- He stressed that feeding should only be done with banknotes valid for circulation, provided that the process of feeding the machines is done through the closed cassettes of the machine, and feeding from money transfer bags is strictly prohibited, provided that the cassettes are prepared and equipped with cash in advance and not the money transfer bag system, so that they are installed directly in the machines and procedures are implemented. Bilateral control during feeding operations and bottom part malfunctions.
- He stressed the need to notify the relevant security services at the Ministry of Interior sufficiently in advance to take the necessary measures with their knowledge and in accordance with the coordination and instructions issued by the Ministry of Interior in this regard to provide the necessary security and protection on the roads while prohibiting the movement of cars after last light.
