Egypt's Financial Regulatory Authority has required all institutions operating in capital markets, insurance and non-bank financing to implement updated customer due diligence procedures issued by the Anti-Money Laundering and Terrorist Financing Unit. Firms must distribute the procedures across their subsidiaries, branches, departments and staff, and align their policies, processes and internal controls with the revised requirements. The authority emphasized risk-based customer acceptance, identity and beneficial ownership verification, ongoing transaction monitoring, enhanced treatment of high risk cases and compliance with targeted financial sanctions. Institutions must retain data and documents demonstrating how they manage risks and suspicious transactions, and regularly review their controls to assess their effectiveness. The requirements complement measures to strengthen digital customer verification through one-time passwords and real-time links between consumer and small business finance providers and the credit bureau. The authority is also preparing full connectivity between consumer finance company databases and its own database to improve early detection of fraud, money laundering and other risks.
Egypt's Financial Regulatory Authority requires non-bank financial institutions to implement updated customer due diligence procedures
Egypt's Financial Regulatory Authority has directed capital markets, insurance and non-bank financing institutions to apply updated customer due diligence procedures and revise their internal controls. Firms must strengthen identity verification, transaction monitoring, risk documentation and compliance with targeted financial sanctions.