Regulatory Alerts2021-01-01
Board of Directors Decision No. 2 of 2021 Regarding Supervisory Controls for Anti-Money Laundering and Combating the Financing of Terrorism in Non-Banking Financial Activities
The Financial Regulatory Authority issued Decision No. 2 of 2021 to establish comprehensive anti-money laundering and counter-terrorist financing supervisory controls for Egyptian exchanges, financial institutions, and licensed non-banking financial entities. The regulation mandates a risk-based approach, strict customer due diligence, detailed internal control manuals, mandatory reporting of suspicious transactions within two working days, and rigorous record-keeping for at least five years. It further imposes ongoing training requirements, internal and external audit obligations, and provides specific operational indicators to help entities identify and report suspicious activities.
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