General Authority for Financial Supervision

Decision No. 121 of 2019 of the Authority's Board of Directors

Dated 28/8/2019

Regarding the Conditions for Registering Anti-Money Laundering and Counter-Terrorism Financing Officers in Entities Operating in Non-Banking Financial Activities under the Authority

The Board of Directors of the General Authority for Financial Supervision

Having reviewed the Anti-Money Laundering Law issued by Law No. 80 of 2002 and its Executive Regulations;

and Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments;

and Presidential Decree No. 191 of 2009 on the regulations governing the management and financial affairs of the Egyptian Exchange;

and the Statute of the General Authority for Financial Supervision issued by Presidential Decree No. 192 of 2009;

and Decision No. 120 of 2019 of the Authority's Board regarding AML/CFT controls for entities operating in non-banking financial activities;

and Capital Market Authority Chairman Decision No. 24 of 2007 regarding licensing conditions for employees of securities brokerage companies;

and the approval of the Authority's Board of Directors in its meeting held on 28/8/2019;

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PROVISIONS:

(Article One)

An AML/CFT Officer and Deputy Registration Register is hereby established within the Authority for entities operating in non-banking financial activities.

The Register shall be divided into categories according to each non-banking financial activity. No registered officer in one category may perform AML/CFT duties in other categories without obtaining the Authority's approval.

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(Article Two)

Applications for registration in the Register must meet the following conditions:

1. Possess a good reputation and clean record.

2. Possess full legal capacity.

3. Hold a suitable higher education qualification commensurate with the nature of their work.

4. Hold a senior management position in the employing entity.

5. Possess at least three years of experience in internal control and/or risk management and/or internal audit related to the activity for which registration is sought.

6. Have knowledge of AML/CFT legislations and regulations, including those issued by the Financial Action Task Force (FATF).

7. Be dedicated full-time to performing their duties and not be seconded or loaned to another entity.

8. Not have been subject to an administrative sanction within the three years preceding the application, nor previously dismissed from service for disciplinary reasons.

9. Not have been convicted within the three years preceding the application of a felony, or a misdemeanor involving moral turpitude or breach of trust, or any crime stipulated in commercial, corporate, or non-banking financial activity laws, or declared bankrupt, unless their reputation has been restored.

10. Pass a personal interview conducted by the Authority.

Without prejudice to the aforementioned provisions, the AML/CFT Officer may combine their role with the responsibilities of Internal Auditor, Risk Management Director, or Internal Audit Management Director.

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(Article Three)

Registration applications must be submitted on the form prepared by the Authority for this purpose, accompanied by supporting documents. The Authority shall review applications, verify compliance with registration requirements, and issue a registration decision within thirty days from the submission date of a complete application.

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(Article Four)

The registration validity period is three years and may be renewed for similar periods upon expiration, provided the registration conditions stipulated in Article 2 remain met.

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(Article Five)

In the absence of the AML/CFT Officer, a designated deputy shall assume their duties. The employing entity shall notify the Authority of such absence within one week from the date of absence, specifying the reason and duration. The entity and the AML/CFT Officer are also obligated to notify the Authority within one week of the officer's resignation or departure, stating the reason.

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(Article Six)

AML/CFT officers already registered with the Authority under Capital Market Authority Chairman Decision No. 24 of 2007 may register in this Register without meeting the requirements of this Decision, provided they submit an application within two months of this Decision's effective date. Registration for those who fail to apply within this period shall be cancelled.

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(Article Seven)

Any provision conflicting with this Decision is hereby repealed.

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(Article Eight)

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication.

Chairman of the Board of Directors
Dr. Mohamed Omran