Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

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Chairman of the Authority

Board of Directors Decision No. (121) of 2019 dated 28/8/2019

Regarding the Conditions for Registering Anti-Money Laundering and Counter-Terrorist Financing Officers

at Entities Operating in Non-Banking Financial Activities under the Authority

The Board of Directors of the Financial Regulatory Authority

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 concerning the regulations governing the management and financial affairs of the Egyptian Exchange;

And the Statute of the Financial Regulatory Authority issued by Presidential Decree No. (192) of 2009;

And Board of Directors Decision No. (120) of 2019 regarding anti-money laundering and counter-terrorist financing 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 Board of Directors in its meeting held on 28/8/2019;

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IT IS HEREBY DECIDED

(Article One)

The Authority shall establish a register for the registration of anti-money laundering and counter-terrorist financing officers and their alternates at entities operating in non-banking financial activities.

The register shall be divided into categories according to each non-banking financial activity, and no registered individual in one category may perform the duties of an anti-money laundering and counter-terrorist financing officer in other categories without obtaining the Authority's approval.

(Article Two)

Applicants for registration in the register must meet the following conditions:

1. Have 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 at the entity where they are employed.
5. Possess at least three years of experience in internal control, risk management, and/or internal audit related to the activity for which they seek registration.
6. Have knowledge of legislation and regulations concerning anti-money laundering and counter-terrorist financing, as well as standards 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 administrative sanctions during the three years preceding the registration application, and not have been previously dismissed from service for disciplinary reasons.
9. Not have been convicted during the three years preceding the application of a criminal penalty or a misdemeanor penalty for an offense involving honor or trust, or for any of the crimes stipulated in commercial, corporate, or non-banking financial activity laws, or declared bankrupt, unless their reputation has been restored.
10. Pass the personal interview conducted by the Authority.

Without prejudice to the aforementioned provisions of this Article, the Manager responsible for anti-money laundering and counter-terrorist financing may combine their role with the responsibilities assigned to the Internal Auditor, Risk Management Director, or Internal Audit Department Director.

(Article Three)

The registration application shall be submitted on the form prepared by the Authority for this purpose, accompanied by supporting documents verifying the registration requirements.

The Authority shall review the submitted applications and verify their compliance with the registration requirements, and shall issue a decision to register the applicant within thirty days from the date of submission of a complete application with supporting documents.

(Article Four)

The registration shall be valid for three years and may be renewed for similar periods upon expiration, provided that the registration conditions stipulated in Article Two of this Decision continue to be met.

(Article Five)

The alternate to the Manager responsible for anti-money laundering and counter-terrorist financing shall assume their duties in case of absence. The entity shall notify the Authority of such absence within one week from the date of absence, specifying the reason and duration in the notification. The entity and the Manager responsible for anti-money laundering and counter-terrorist financing shall also notify the Authority within one week of the Manager's resignation or departure from the entity, stating the reason.

(Article Six)

Anti-money laundering officers already registered with the Authority, pursuant to the aforementioned Capital Market Authority Chairman Decision No. (24) of 2007, may be registered in this register without needing to meet the requirements stipulated in this Decision, provided that the registration application is submitted within two months from the effective date of this Decision. Registration shall be cancelled for those who fail to apply within the specified period.

(Article Seven)

Any provision contrary to the provisions of this Decision is hereby repealed.

(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 in the Egyptian Gazette.

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Chairman of the Board of Directors

Dr. Mohamed Omran

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Smart Village, Building 136, Giza, Egypt Postal Code: 110 Telephone: +202 32545350 Fax: +202 35370036 WWW.FRA.GOV.EG

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