Financial Crime World

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Egypt’s Financial Crime Reporting Requirements: A Guide to Compliance

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The Egyptian government has implemented various regulations to combat financial crime, including money laundering and terrorist financing. The Money Laundering Combating Unit (MLCU) is Egypt’s primary financial intelligence agency responsible for investigating suspicious transactions.

Compliance Requirements

To comply with MLCU requirements, financial institutions and other designated non-financial businesses and professions must:

  • Conduct customer due diligence on clients with whom they have business relationships
  • Report suspicious transactions related to money laundering and terrorist financing to the MLCU
  • Retain and submit relevant information and documentation provided to them

Suspicious transactions must be reported regardless of their value, and a single Suspicious Activity Report (STR) form must be completed for multiple transactions. The compliance officer is responsible for reporting suspicious transactions to the MLCU.

Simplifying Compliance with MemberCheck

To ensure compliance, MemberCheck provides a secure and simple solution for scanning politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists. Our sophisticated scan filters and due diligence workflow minimize the time spent sorting through false matches, and our reporting sections allow access to customer details whenever required.

AML/CFT Supervisors in Egypt

The Egyptian government has established various regulatory bodies to oversee and enforce anti-money laundering and combating terrorist financing (AML/CFT) regulations. These include:

  • The Money Laundering Combating Unit (MLCU)
  • The Financial Regulatory Authority (FRA)

The MLCU is responsible for investigating suspicious transactions, while the FRA regulates non-bank financial institutions to ensure their stability and development.

How MemberCheck Can Help

MemberCheck provides a comprehensive solution for AML/CFT compliance, including:

  • Politically Exposed Persons (PEPs) and Sanction Checks
  • Adverse Media Check
  • Customer Identity Verification
  • AML Consulting Service
  • Jurisdictional Risk Checks

Our solutions help financial institutions and other designated non-financial businesses and professions to minimize the risk of money laundering and terrorist financing, while ensuring compliance with regulatory requirements.

Request a Demo

To learn more about MemberCheck’s solutions and how they can help your business comply with AML/CFT regulations, request a demo today.