Regulatory Alerts2020-01-01
Prime Minister's Decision No. 457 of 2020 Amending Certain Provisions of the Executive Regulations of the Anti-Money Laundering Law
The Egyptian Prime Minister issued Decision No. 457 of 2020 to amend the Executive Regulations of the Anti-Money Laundering Law, specifically updating definitions and expanding the scope of regulated entities. The decree mandates strict customer due diligence, including the identification of beneficial owners and risk-based monitoring, while clarifying the independent investigative and reporting powers of the Financial Monitoring Unit. Additionally, it establishes specific customs declaration thresholds for currency and instruments to prevent illicit financial flows.
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