Within the framework of its mandate to promote financial awareness and ensure the integrity of financial markets, the Financial Regulatory Authority (FRA) has taken steps to regulate the implementation of the U.S. Foreign Account Tax Compliance Act (FATCA) in relation to accounts held by U.S. persons dealing with institutions operating in the non-bank financial sector.
(FATCA) requires U.S. citizens and residents holding financial assets outside the United States to report those assets to the U.S. Internal Revenue Service (IRS). The law also obliges foreign financial institutions to identify and report accounts held by U.S. persons.
In coordination with the Central Bank of Egypt, and in a manner that respects applicable banking secrecy and local regulatory frameworks, the FRA has adopted a two-pronged approach:
- Awareness and Guidance
Providing guidance on the provisions of FATCA, its implementation mechanisms, and the entities subject to compliance requirements.
- Regulatory Measures
Issuing circulars and regulatory instructions to encourage companies under FRA supervision to take the necessary steps to comply with FATCA in line with the State’s regulatory approach.
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Last modified: March 11, 2026