Regulatory Alerts2019-01-01
Board of Directors Decision No. (120) of 2019
The Financial Regulatory Authority of Egypt issued Board Decision No. 120 of 2019 to establish comprehensive regulatory controls for combating money laundering and terrorist financing across non-banking financial activities. The decision mandates licensed entities, including the Egyptian Exchange and financial institutions, to implement risk-based policies, maintain robust internal control systems, conduct thorough customer due diligence, and appoint dedicated compliance managers. It further requires immediate reporting of suspicious transactions to the designated unit within two working days, prohibits tipping off involved parties, and stipulates quarterly statistical reporting to ensure continuous regulatory oversight.
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