Regulatory Alerts2024-03-31 | CBE5.14Added · Updated
CBE Regulation Book 5.14 - Supervisory Controls To Combat Money Laundering And Terrorist Financing
The Central Bank of Egypt establishes supervisory controls for banks regarding the prevention of money laundering and terrorist financing, effective December 24, 2023. The regulation mandates that banks implement clear governance structures, including the appointment of a designated Compliance Officer and a deputy, with specific eligibility criteria and reporting lines to the Board of Directors. It requires banks to maintain adequate resources, independent risk assessment capabilities, and robust internal controls to ensure compliance with national and international standards.