Board of Directors Resolution No. 121 of 2019 Regarding Registration Conditions for AML/CFT Officers at Non-Banking Financial Activities Entities

The Official Gazette - No. 256 on November 17, 2019

The General Authority for Financial Supervision Resolution No. 121 of 2019 of the Authority's Board of Directors Dated 28/08/2019 Regarding the Conditions for Registering Anti-Money Laundering and Counter-Terrorism Financing Officers at Entities Operating in Non-Banking Financial Activities under the Authority

The Board of Directors of the General Authority for Financial Supervision After reviewing 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 provisions governing the management of the Egyptian Exchange and its financial affairs; and the Statute of the General Authority for Financial Supervision issued by Presidential Decree No. 192 of 2009; and Resolution No. 120 of 2019 of the Authority's Board of Directors regarding AML/CFT conditions for entities operating in non-banking financial activities; and Capital Market Authority Chairman Resolution No. 24 of 2007 regarding licensing conditions for employees of securities brokerage companies; and the approval of the Authority's Board of Directors at its meeting held on 28/08/2019;

RESOLVED:
( Article One )
The Authority shall establish a register for the registration of Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) 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 person registered in one category shall perform the duties of an AML/CFT officer in other categories except upon obtaining the Authority's approval.

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The Official Gazette - No. 256 on November 17, 2019

( Article Two )
The applicant 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 at the entity where they are employed.
5. Possess at least three years of experience in internal control and/or risk management and/or internal audit within the activity for which they seek registration.
6. Possess knowledge of legislation and directives related to AML/CFT, and what is issued by the Financial Action Task Force (FATF).
7. Be dedicated full-time to performing their duties and not be seconded or attached to another entity.
8. Not have been subject to administrative sanctions within the three years preceding the registration application, and not have been previously dismissed for disciplinary reasons.
9. Not have been convicted within the three years preceding the application of a felony sentence, or a misdemeanor sentence for crimes involving moral turpitude or breach of trust, or for any crimes stipulated in commercial, corporate, or non-banking financial activities laws, or declared bankrupt, unless their reputation has been restored.
10. Pass a personal interview conducted by the Authority.
    Without prejudice to Item 7 of this Article, the AML/CFT Compliance Officer may combine their role with the responsibilities assigned to the Internal Auditor, Head of Risk Management, or Head of Internal Audit.

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

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The Official Gazette - No. 256 on November 17, 2019

( Article Four )
The registration in the register shall be valid for three years and may be renewed for similar periods at the end of the term, provided that the registration conditions stipulated in Article Two of this Resolution continue to be met.

( Article Five )
An alternate to the AML/CFT Compliance Officer shall perform their duties in their 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 AML/CFT Compliance Officer are also obligated to notify the Authority within one week of the officer's resignation/termination, stating the reason.

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

( Article Seven )
Any provision contrary to the provisions of this Resolution is hereby repealed.

( Article Eight )
This Resolution shall be published in The Official 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