CBE Grants Banks 6 Months Deadline to Update Controls on Money Laundering, Terrorsim Financing

The Central Bank of Egypt (CBE) directed banks to adjust their positions within a period of 6 months regarding the updated supervisory controls to combat money laundering and terrorist financing from the date of their issuance, according to a circular issued Sunday.

According to the circular, the Board of Directors of the Central Bank of Egypt agreed, in its session held on December 19, to cancel the supervisory controls issued in 2008, and to issue the attached - updated - supervisory controls to banks regarding combating money laundering and financing of terrorism, and to grant them a reconciliation period of 6 months from the date of issuance.

The circular explained that these updated controls came with reference to the supervisory controls for banks regarding combating money laundering and the financing of terrorism issued by the Central Bank in 2008, and to the Anti-Money Laundering Law issued in 2002, which required issuing updated supervisory controls for banks in this regard.