Regulatory Alerts2021-01-26
Added · Updated
Board of Directors Decision No. (2) of 2021 Regarding Supervisory Controls in the Field of Combating Money Laundering and Financing of Terrorism for Entities Working in Non-Banking Financial Activities
Decision No. (2) of 2021 establishes supervisory controls for combating money laundering and terrorist financing for Egyptian stock exchanges, financial institutions, and licensed non-banking financial service providers. It mandates adherence to risk-based principles, customer due diligence, internal control systems, and the appointment of a dedicated compliance officer. The regulation requires immediate reporting of suspicious transactions within two working days, annual training for staff, and the retention of records for a minimum of five years. It further defines specific indicators for identifying suspicious activities across securities and insurance sectors and imposes reporting obligations on internal and external auditors.