Egypt's Financial Supervisory Authority, in collaboration with the Anti-Money Laundering and Terrorism Financing Unit, recently hosted a meeting with representatives from non-bank financial sector companies. The meeting, which took place on October 3, 2026, aimed to enhance cooperation and discuss ways to combat money laundering and terrorism financing. The meeting was attended by chairmen of boards of directors, executive directors, and anti-money laundering and terrorism financing officials.
The Financial Supervisory Authority's Chairman, Dr. Islam Azzam, welcomed the Anti-Money Laundering Unit's representatives, led by Counselor Ahmed Said Khalil, and praised the unit's pivotal role in coordinating efforts to combat money laundering and terrorism financing. Dr. Azzam emphasized the importance of cooperation between the two bodies to enforce legislative and regulatory frameworks and raise awareness about anti-money laundering and terrorism financing regulations.
During the meeting, the Anti-Money Laundering Unit presented an in-depth overview of money laundering and terrorism financing risks and the importance of implementing targeted financial sanctions. The unit highlighted the need for non-bank financial sector companies to adhere to anti-money laundering and terrorism financing regulations and to implement due diligence procedures to verify customer identities and monitor transactions.
The meeting also discussed the Financial Supervisory Authority's circular, issued in September 2026, which updated the "Customer Due Diligence Procedures for Financial Institutions under the Supervision of the Financial Supervisory Authority." The circular aims to enhance anti-money laundering and terrorism financing efforts and ensure that non-bank financial sector companies comply with regulatory requirements.
Representatives from the Financial Supervisory Authority emphasized the importance of developing internal controls and risk management frameworks to combat money laundering and terrorism financing. They also highlighted the need for non-bank financial sector companies to maintain records of their anti-money laundering and terrorism financing efforts and to regularly review and update their policies and procedures.
The meeting concluded with an emphasis on the importance of cooperation and coordination between the Financial Supervisory Authority, the Anti-Money Laundering Unit, and non-bank financial sector companies to combat money laundering and terrorism financing. The Financial Supervisory Authority and the Anti-Money Laundering Unit will continue to work together to enhance anti-money laundering and terrorism financing efforts and to promote a safe and stable financial sector.
The Egyptian government has implemented various measures to combat money laundering and terrorism financing, including laws and regulations that require non-bank financial sector companies to implement anti-money laundering and terrorism financing procedures. The Financial Supervisory Authority and the Anti-Money Laundering Unit will continue to monitor and enforce compliance with these regulations to ensure the integrity of Egypt's financial sector.
Key points
- The Financial Supervisory Authority and the Anti-Money Laundering Unit met with non-bank financial sector representatives to discuss anti-money laundering efforts and enhance cooperation.
