Egypt's Financial Regulatory Authority has directed all supervised nonbank financial institutions to update forms for identifying customers and beneficial owners and verifying identity. The forms must accommodate all customer groups and be easy to use for people with disabilities, customers unable to read or write and older people. The requirements build on an earlier directive requiring capital markets, insurance and nonbank financing institutions to implement customer due diligence procedures issued by the Money Laundering and Terrorist Financing Combating Unit in September 2026. Institutions must revise forms used to request financial products and services, alongside their policy and procedure manuals and internal control systems. Approved versions must accompany their 2026 annual report on activities to combat money laundering and terrorist financing, submitted by Jan. 31, 2027.
Egypt's Financial Regulatory Authority requires accessible customer due diligence forms and updated internal controls
Egypt's Financial Regulatory Authority requires updated customer due diligence forms that accommodate people with disabilities, customers unable to read or write and older clients. Approved forms, revised policy and procedure manuals and updated internal controls must accompany institutions' 2026 annual report on combating money laundering and terrorist financing by Jan. 31, 2027.