Non - Banking Financial

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The req. of Tech. structure & info. security systems for hosting providers
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The Arab Republic of Egypt has given great attention to the field of combating Money Laundering and Terrorism Financing.
This has been clearly manifested in establishing the appropriate legislative environment through the issuance of Law n. (80) of 2002 on Anti-money Laundering, and Terrorist Financing Combating law n. (94) of 2015, and related laws and regulations dealing with terroristic entities’ lists and terrorists.

Proceeding from the importance of setting-up an effective regulatory body responsible for combating Anti-money laundering and Terrorism Financing prevention, The Egyptian Anti money Laundering and Terrorist Financing Combating Unit has been established according to law n. (80) of 2002. The unit will undertake the examination and investigation of suspicious financial activities and is independent from the Central Bank of Egypt.
FRA is committed to its obligations to setting up the adequate and effective tools to ensure the compliance of regulated financial institutions to Anti money Laundering and Combating Terrorism governing laws, rules and regulations in accordance with their nature of activities. FRA shall have the authority according to Law n. (10) of 2009 on regulating non-banking financial markets, to ensure and provide for a sound and stable non-banking financial markets and to strive for their growth, in addition to setting up sufficient tools and systems and issuance of rules and regulations that guarantee the proper functioning of those markets and maintain the transparency and integrity of all activities undertaken therein. In addition to balancing the rights of markets players by taking the necessary steps to prevent market fraud and manipulation.

FRA has issued a number of decisions that regulate Anti money Laundering and Terrorism Financing activities of entities under its supervision, namely:

1. Board of directors’ decision n. (120) of 2019 regarding regulations on Anti money Laundering activities for non-banking financial institutions…
2. Board of directors’ decision n. (121) of 2019 regarding regulations on listing of Anti money Laundering compliance officers in non-banking financial institutions

3. Board of directors’ decision n. (23) of 2020 regarding punitive sanctions and regulations in combatting terrorism and weapons of mass destruction related to non-banking financial institutions

Where the application of the aforementioned decisions and regulations closely relies on the abidance of financial intuitions to the rules and regulations stipulated in those decisions.
In addition, financial entities shall be committed to adopting the prudent man’s rule and Know Your Client (KYC) procedures in dealing with clients undertaking non-banking financial activities, and clients of financial inclusiveness products and services. In addition to clients of mobile banking activities and prepaid cards. In addition to all published regulatory information by FRA or Anti-money Laundering and Terrorism Financing Combating Unit.

FRA, in its interest in the fulfillment of its supervisory and awareness role needed for Anti-money laundering and combatting terrorism financing, has designed this portal to act as an educational and awareness hub on issued rules and regulations pertaining to money laundering in addition to issuance of a series of guiding material and awareness bulletins published to assist regulated entities to comply with regulatory requirements.