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Egypt’s KYC Regulations: Know Your Customer Requirements for Financial Institutions

In Egypt, financial institutions are required to implement Know Your Customer (KYC) regulations to prevent money laundering and terrorist financing. The country’s Anti-Money Laundering Law, enacted in 2002, outlines the necessary requirements for customer identification.

Individual Customers

• Financial institutions must obtain:
  • Full name
  • Address
  • Date of birth
  • Government-issued identification documents such as national ID cards, passports, or weapon licenses that include the customer’s full name and photograph.
• The institution should verify the identity of customers retroactively if necessary.

Corporate Customers

• Financial institutions must obtain:
  • Full company name
  • Commercial register copy
  • Business address
  • Names of all directors and beneficial owners for private companies
• Companies listed on regulated markets or those with a Certificate of Incorporation are required to provide confirmation of their listing or a copy of the certificate.

Beneficial Ownership

• Financial institutions must identify and verify each natural or legal person having a real interest in any financial institution activities, even if conducted through another natural or legal person acting as a trustee, proxy, or under another entity.
• Enhanced customer due diligence measures are required for Politically Exposed Persons (PEPs) and their beneficiaries.

Correspondent Banking Relationships

• Financial institutions must perform enhanced due diligence on correspondent banking relationships.

Reporting Requirements

• Suspicious Activity Reports (SARs) must be submitted to the Central Bank of Egypt (CBE).
• Financial institutions are required to report suspicious transactions and notify authorities before proceeding with a current or ongoing transaction identified as suspicious.
• There is no de-minimis threshold for reporting, and penalties apply for non-compliance.

Data Protection Laws

• Egypt has data protection laws, but they do not specifically regulate financial sector data.

Monitoring Transactions Outside Jurisdiction

• The regulator allows monitoring transactions outside the jurisdiction with the authority to proceed with a current or ongoing transaction identified as suspicious.

Enhanced Customer Due Diligence Measures

• Financial institutions must perform enhanced customer due diligence measures for PEPs and their beneficiaries, as well as for non-face-to-face transactions and relationships.

Regulator Acronyms

• CBE: Central Bank of Egypt
• EFS: Egyptian Financial Services

This article provides a comprehensive overview of Egypt’s KYC regulations, highlighting the requirements for individual and corporate customers, beneficial ownership, correspondent banking relationships, reporting requirements, data protection laws, and monitoring transactions outside jurisdiction. Financial institutions operating in Egypt must comply with these regulations to prevent money laundering and terrorist financing.