Egypt's Financial Regulatory Authority held a workshop for officers responsible for combating money laundering and terrorist financing at supervised firms, focusing on customer due diligence procedures issued by the Money Laundering and Terrorist Financing Combating Unit in September 2026. The session followed recent circulars requiring nonbank financial institutions to update their customer identification forms, internal policies and controls to implement the revised procedures. Key updates include ongoing transaction monitoring and regular updates to customer information to help detect unusual transactions and emerging risks.
Institutions must identify and verify customers and beneficial owners, screen against designated lists and tailor due diligence to the risks associated with customers, activities and transactions. Customer acceptance policies must define the categories of customers an institution will serve based on its risk assessment, receive board approval and undergo review at least every two years and whenever necessary. Employee integrity and competence checks must take place at recruitment and continue throughout employment. Staff seeking the institution's products or services must also undergo the same customer due diligence procedures as other customers. The workshop also addressed conditions for relying on third parties and the application of consistent controls across subsidiaries within financial groups.