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Compliance Guide to Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations in Egypt
As a financial institution operating in Egypt, it’s essential to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This guide outlines the key requirements and procedures for compliance.
Customer Onboarding
When onboarding new customers, identity verification is mandatory. The verification process may vary depending on customer requirements and how they convey this information to Shufti Pro.
- Identity Verification is required for all new customers.
- The verification process depends on customer requirements and conveyance to Shufti Pro.
Timing of Verification
Identity verification is not a one-time, one-instance process. It’s required in multiple instances as per regulations.
- Identity Verification is not limited to one-time, one-instance process.
- It’s required in multiple instances as per regulations.
Politically Exposed Persons (PEPs) and Enhanced Due Diligence (EDD)
As per Egyptian regulations, it’s mandatory to determine if a customer is a PEP or holds a public office. Shufti Pro provides AML Screening services to help fulfill these obligations.
- As per Egyptian regulations, it’s mandatory to determine if a customer is a PEP or holds a public office.
- Shufti Pro provides AML Screening services to help fulfill these obligations.
Reliance on External Services
Egyptian regulations allow seeking the services of third-party providers for due diligence measures. However, regulations require collecting all due diligence information from the third party without undue delay.
- Egyptian regulations allow seeking the services of third-party providers for due diligence measures.
- Regulations require collecting all due diligence information from the third party without undue delay.
Record Retention
As per Egyptian regulations, data must be retained for not less than 5 years. This is part of AML and KYC obligations for due diligence. In cases where data is processed, collected, and managed by a relevant third-party, the entity remains liable to collect necessary information without undue delay.
- As per Egyptian regulations, data must be retained for not less than 5 years.
- This is part of AML and KYC obligations for due diligence.
- In cases where data is processed, collected, and managed by a relevant third-party, the entity remains liable to collect necessary information without undue delay.
By following these guidelines, financial institutions operating in Egypt can ensure compliance with AML and KYC regulations.