Financial Crime World

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Know Your Customer Regulations in Egypt: A Guide to Compliance

Egypt has strict regulations in place to prevent money laundering and ensure financial stability, making it essential for businesses operating in the country to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) rules. The Central Bank of Egypt and the Egyptian Financial Regulatory Authority are responsible for enforcing these regulations.

Primary Legislation

The primary legislation governing KYC/AML in Egypt is the Anti-Money Laundering Law No. 80 of 2002, which was amended by several executive regulations. Personal data protection is also governed by the Personal Data Protection Law No. 151 of 2020, enforced by the Personal Data Protection Center.

To stay compliant with these regulations, financial institutions must obtain explicit consent from customers before collecting and using their personal data. This ensures that businesses are transparent about how they handle customer information and respect individuals’ privacy rights.

Accurate User Verification in Egypt

Smile ID offers a comprehensive solution for accurate user verification in Egypt, which includes:

  • 99.8% recognition accuracy for faces of all skin tones
  • Compatibility with any device
  • Verification of various ID documents, including:
    • Egyptian National Identity Card
    • Driver’s License
    • Passport
    • Resident Card

Document Verification Solution

Smile ID’s document verification solution checks the authenticity of ID documents, accurately transcribes text on the document, and compares a user-submitted selfie to the document image. The solution can detect tampered or forged documents, scan security features, and provide real-time results.

Getting Started with Smile ID’s KYC/AML Compliance Solution

To get started with Smile ID’s KYC/AML compliance solution, businesses can contact their team for setup assistance. With Smile ID, companies can streamline their user verification process, prevent fraud, and ensure regulatory compliance in Egypt.