Regulatory Alerts2020-01-01
FRA Board of Directors Resolution No. (23) of 2020
The Egyptian Financial Regulatory Authority (FRA) issued Resolution No. (23) of 2020 to mandate strict compliance with UN Security Council targeted financial sanctions and domestic terrorist lists for all Egyptian exchanges and non-banking financial entities. The resolution requires these entities to implement immediate asset freezing protocols, conduct rigorous daily screening and due diligence against negative lists, and establish robust internal controls, reporting mechanisms, and staff training procedures. It further assigns specific oversight responsibilities to AML officers, internal audit units, and external auditors to ensure continuous monitoring, timely regulatory notifications, and full adherence to anti-terrorist financing and proliferation controls.