Regulatory Alerts2020-01-01
FRA Board of Directors Decision No. 22 of 2020 Regarding Supervisory Controls for Targeted Financial Sanctions Lists for Non-Banking Financial Entities
The Egyptian Financial Regulatory Authority (FRA) issued Decision No. 22 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 decision requires immediate asset freezing, daily system updates, enhanced customer due diligence, and mandatory reporting of matches or unfreezing actions to the AML/CFT Unit and the FRA. It further obligates designated Anti-Money Laundering Officers to continuously monitor official sanction lists and ensure internal procedures align with international counter-terrorism financing standards.
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