CBE gives banks 6 months to comply with new anti-money laundering regulations

Ahram Online , Monday 25 Dec 2023

The Central Bank of Egypt (CBE) has given banks six months to comply with the updated anti-money laundering and terrorism financing regulations issued on 19 December, according to a circular posted on Monday.

The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. AP
The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. AP

 

The updated rules override anti-money laundering and terrorism financing regulations issued in 2008.

In 2022, Egypt adopted a national strategy to combat terrorism and its financing following the “continuous development of the mechanisms used to commit these crimes,” Judge Ahmed Said Khalil announced in September at the Forum on Anti-Money Laundering and Terrorism Financing.

In 2022, Egypt's House of Representatives approved government-drafted legislative amendments to the 20-year-old anti-money laundering law (Law 80/2002) aiming to set up an independent anti-money laundering unit.

The bill also states that all financial institutions as well as business owners shall be obliged to conform with all the instructions and orders that will be issued by the anti-money laundering unit. Violators will be obliged to pay a fine ranging from EGP 100,000-300,000.

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