Regulatory Alerts2019-01-01
Board of Directors Decision No. 121 of 2019
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. 121 of 2019 to establish a mandatory registration system for Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) officers and their alternates at non-banking financial entities. The decision mandates strict eligibility criteria, including senior management status, a minimum of three years of relevant experience, clean disciplinary and criminal records, and successful completion of an Authority interview. Registration is valid for three years with renewal options, requires prompt notification of any absence or resignation, and grants a two-month transitional window for previously licensed officers to register without meeting the new requirements.
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