Regulatory Alerts2019-01-01
Board of Directors Resolution No. (120) of 2019
The Financial Regulatory Authority of Egypt issued Board Resolution No. 120 of 2019 to establish comprehensive regulatory controls for combating money laundering and terrorist financing across all licensed non-banking financial entities. The resolution mandates the implementation of risk-based methodologies, strict customer due diligence, robust internal control systems, and the mandatory appointment of a dedicated compliance officer, while requiring immediate reporting of suspicious transactions and maintaining detailed records for a minimum of five years. It further provides sector-specific operational indicators for financial, insurance, leasing, factoring, and microfinance activities, and grants regulated entities a three-month period to fully align their operations with these new supervisory requirements.