{"id":25627020,"date":"2026-10-03T11:03:56","date_gmt":"2026-10-03T08:03:56","guid":{"rendered":"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d9%88%d9%88%d8%ad%d8%af%d8%a9-%d9%85%d9%83%d8%a7%d9%81%d8%ad%d8%a9-%d8%ba%d8%b3%d9%84-%d8%a7%d9%84%d8%a3\/"},"modified":"2026-10-05T13:50:57","modified_gmt":"2026-10-05T10:50:57","slug":"%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d9%88%d9%88%d8%ad%d8%af%d8%a9-%d9%85%d9%83%d8%a7%d9%81%d8%ad%d8%a9-%d8%ba%d8%b3%d9%84-%d8%a7%d9%84%d8%a3","status":"publish","type":"fra_news","link":"https:\/\/fra.gov.eg\/en\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d9%88%d9%88%d8%ad%d8%af%d8%a9-%d9%85%d9%83%d8%a7%d9%81%d8%ad%d8%a9-%d8%ba%d8%b3%d9%84-%d8%a7%d9%84%d8%a3\/","title":{"rendered":"FRA, AML\/CFT Unit Convene Joint Meeting for Non-Bank Financial Sector \u2013 Saturday 3 October 2026"},"content":{"rendered":"<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #800000;\">High-level meeting focused on strengthening Anti-Money laundering frameworks, early risk detection and targeted financial sanctions.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Dr. Islam Azzam &#8211; FRA Chairman:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #800000;\">Mandatory compliance with updated Customer Due Diligence (CDD) guidelines and robust internal systems.<\/span><\/li>\n<li><span style=\"color: #800000;\">Continuous coordination between the Authority and the Unit to enforce relevant legislation and decisions and raise awareness of their provisions.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Hamdy Badawy &#8211; FRA Assistant Chairman:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #800000;\">Updating governance and risk management is vital for market growth and institutional resilience.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Within the framework of ongoing cooperation between the Financial Regulatory Authority (FRA) and the Anti-Money Laundering and Terrorist Financing Unit (AML\/CFT Unit), FRA hosted a comprehensive meeting bringing together members of the Unit\u2019s Research and Strategic Analysis Department with chief executives, managing directors and compliance officers from non-bank financial institutions. The session aimed to bolster efforts to combat money-laundering risks and enhance early detection mechanisms.<\/p>\n<p style=\"text-align: justify;\">FRA Chairman Dr. Islam Azzam received representatives from the Unit, praising its pivotal role\u2014under the leadership of Counselor Ahmed Saeed Khalil, Chairman of the Board of Trustees\u2014in maintaining continuous coordination with the Authority as a key Egyptian regulatory body. He commended the Unit&#8217;s efforts in enforcing legislative and regulatory frameworks for Anti-Money laundering and terrorist financing, cascading them across various economic sectors, raising awareness of their provisions and providing specialized training and capacity-building for state agencies and the public.<\/p>\n<p style=\"text-align: justify;\">Dr. Islam Azzam underscored his commitment to strengthen the efficiency and effectiveness of AML\/CFT controls across regulated activities. He pointed to FRA Circular No. 5 of 2026, issued days earlier, which mandates that all institutions operating in capital markets, insurance and non-bank financing strictly adhere to the updated version of the &#8220;Customer Due Diligence Procedures for Financial Institutions Regulated by the FRA,&#8221; issued by the AML\/CFT Unit last September.<\/p>\n<p style=\"text-align: justify;\">Furthermore, FRA Chairman highlighted the significance of recent FRA resolutions designed to upgrade digital customer verification systems. These include identity checks via One-Time Passwords (OTP), real-time integration between consumer and microfinance companies and I-score, and preparations for full data linkage between consumer finance databases and FRA&#8217;s central repository. These measures facilitate the early detection of negative trends and risks\u2014chiefly fraud and money laundering\u2014while improving operational quality, safeguarding credit underwriting and minimizing default risks.<\/p>\n<p style=\"text-align: justify;\">During the session, representatives from the AML\/CFT Unit delivered an in-depth presentation on money laundering and terrorist financing risks. They stressed the importance of implementing targeted financial sanctions which involve asset freezes and prohibitions against making funds or assets available to designated individuals or entities. This includes compliance with negative lists derived from UN Security Council resolutions and domestic designations under the Law No. 8 of 2015 on Terrorist Entities.<\/p>\n<p style=\"text-align: justify;\">The discussions also addressed customer due diligence and identity verification, indicators for high-risk profiles, established legal arrangements, criteria for identifying predicate offenses and ultimate beneficial owners, internal employee protocols, customer acceptance policies, and continuous due diligence through transaction monitoring. Officials emphasized that AML\/CFT requirements do not impede financial inclusion objectives or the delivery of non-bank financial services.<\/p>\n<p style=\"text-align: justify;\">The Unit&#8217;s representatives underscored the need for firms to maintain robust documentation of their compliance procedures. This ensures companies can demonstrate their ability to handle risks and suspicious transactions per national standards, while continuously evaluating internal frameworks for maximum efficiency.<\/p>\n<p style=\"text-align: justify;\">For his part, FRA Assistant Chairman Hamdy Badawy stated that the meeting reflects the shared commitment of the Authority and regulated entities to strictly enforce AML\/CFT systems and adapt internal practices to evolving market risks.<\/p>\n<p style=\"text-align: justify;\">He added that upgrading regulatory, governance and risk management frameworks in the non-bank financial sector is a vital institutional necessity to meet domestic and international standards. He described it as a core pillar for preserving service quality, driving market growth and amplifying the sector&#8217;s contribution to the national economy.<\/p>\n<p style=\"text-align: justify;\">Furthermore, FRA Assistant Chairman Hamdy Badawy spotlighted the sector\u2019s obligation to implement Circular No. 5 of 2026. The directive mandates distributing the updated AML\/CFT customer due diligence guidelines across all subsidiaries, branches, departments, and personnel\u2014ensuring complete staff compliance, updated internal controls and full alignment with revised standards.<\/p>\n<p style=\"text-align: justify;\">It is worth mentioning that the non-banking financial sector is governed by strict Anti-Money laundering regulations, rooted in Law No. 80 of 2002 and its executive rules. Key measures include Board Decision No. 161 of 2024, requiring robust internal risk-assessment systems, and Decision No. 186 of 2024, enforcing rigorous customer data verification.<\/p>\n","protected":false},"author":7,"featured_media":25626920,"parent":0,"template":"","format":"standard","categories":[144],"tags":[5819,5820],"fra_news_taxonomy":[],"news_paper_taxonomy":[],"class_list":["post-25627020","fra_news","type-fra_news","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases","tag-aml-cft-unit","tag-non-bank-financial-sector-representatives"],"_links":{"self":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news\/25627020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news"}],"about":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/types\/fra_news"}],"author":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/users\/7"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media\/25626920"}],"wp:attachment":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media?parent=25627020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/categories?post=25627020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/tags?post=25627020"},{"taxonomy":"fra_news_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news_taxonomy?post=25627020"},{"taxonomy":"news_paper_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/news_paper_taxonomy?post=25627020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}