In a circular released on Sunday, the Central Bank of Egypt (CBE) instructed banks to modify their stances on the updated supervisory controls to counter money laundering and terrorist financing within six months of their issuance date.
Per the circular, the Central Bank of Egypt’s Board of Directors decided, during its meeting on December 19, to do away with the supervisory controls implemented in 2008 and provide banks with the updated controls that are attached.
These controls are intended to prevent money laundering and the financing of terrorism, and they will give banks six months to reconcile their actions.
The circular further clarified that the updated controls were related to the 2008 Central Bank supervisory controls about money laundering and terrorist financing prevention as well as the 2002 Anti-Money Laundering Law, which mandated the issuance of updated supervisory controls for banks in this area.
