Banks instructed to apply new anti-money laundering regulations within 6-months

Cairo – December 26, 2023: The Central Bank of Egypt (CBE) has announced that banks operating in the local market have six months to apply new anti-money laundering and terrorism financing regulations.

In a new circular released on Sunday, the central bank shared that the new guidelines represent the bare minimum that banks are required to follow, adding banks should implement further measures according to their own risk assessments.

Replacing the 2008 regulations, the latest amendments to the CBE’s guidelines empower the bank to better monitor cash flows and transfer activity.

The CBE highlighted that the updated regulations are part of its commitment to keeping up with international standards in fighting money laundering and terrorism financing.

The new regulations cover assessments on large or frequent cash deposits or withdrawals that are inconsistent with the client’s profile, large or frequent foreign currency transactions without valid reasoning, and deposits by outside parties without justified reasoning.

It also noted new regulations on transfers to or from near border crossings or in high-risk countries, frequent transactions in which assets are withdrawn immediately after being deposited, and transfer activity with e-payment companies or those known for dealing with cryptocurrencies.

The CBE explained that the new regulations apply to all banks operating in Egypt and their branches abroad, and includes the local branches of foreign banks operating in the country.