Regulatory Alerts2025-01-08
A circular dated January 8, 2025 regarding the guideline for identifying the true beneficiary for bank customers
The Central Bank of Egypt has issued a guidance document for banks to identify the real beneficiaries of their clients. This comes in light of the Central Bank's commitment to applying international standards related to combating money laundering and terrorist financing. The guidance includes methods for identifying real beneficiaries and common techniques used to conceal their identities. This is aimed at helping banks to access accurate data about the real beneficiaries of their clients, in accordance with local legislative and regulatory frameworks.