• The Central Bank of Egypt (CBE) has mandated a six-month implementation period for local banks to adopt updated anti-money laundering and terrorism financing regulations, replacing the 2008 guidelines.
• The newly issued guidelines establish the baseline requirements for banks, with an expectation that additional measures will be incorporated based on individual risk assessments.
• The amendments empower the CBE with enhanced monitoring capabilities, focusing on cash flows and transfer activities, as part of its commitment to align with international standards in combating money laundering and terrorism financing.
The Central Bank of Egypt (CBE) has issued a new circular, announcing a six-month timeframe for CBE in the local market to implement updated anti-money laundering and terrorism financing regulations.
These guidelines, replacing the 2008 regulations, set the minimum requirements for banks, with the expectation that additional measures will be adopted based on individual risk assessments.
The amendments grant the CBE enhanced monitoring capabilities over cash flows and transfer activities.
The central bank emphasized its commitment to aligning with international standards in combating money laundering and terrorism financing.
The regulations encompass assessments on cash transactions, foreign currency transactions, deposits by external parties, transfers near border crossings or in high-risk countries, immediate withdrawals after deposits, and transactions involving e-payment companies or cryptocurrencies.
The new rules apply to all banks operating in Egypt, including the local branches of foreign banks.
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