KYC.IO

Global Regulations and Requirements for KYC Onboarding
(powered by KYC-Chain)

KYC to onboard domestic persons

nameaddressdate of birthpassport

KYC to onboard international persons

nameaddressdate of birthgovernment issued of identificationpassportphotograph

corporate requirements

full namecommercial register copybusiness addressnames of directors&beneficial ownercompany signatoriescertificate of incorporation

National ID card name

بطاقة تحقيق الشخصية (Personality Verification Card)

National ID Photo

back of national id photo back

Does the country have Esignature Laws?

Esignature and Establishment of the Information Technology Industry Development Authority

E-sig law files

egypt.pdf

What year did the relevant AML laws and regulations become effective?

2002

Further details on AML regime

2002.

Who is the regulator for AML controls for Banking

CBE (Central Bank of Egypt)

Link to site

www.cbe.org.eg/

Other financial Services

EFSA (Egyptian Financial Supervisory Authority)

Website of Regulator

http://www.efsa.gov.eg/jtags/efsa_en/index_en.jsp

Financial Sector regulator

N/A

Practical Guidance for AML

There is only the “Anti-Money Laundering Law” - Law # 80 for year 2002.

Is there a requirement to verify the identity of customers retroactively?

Yes.

Retroactive details

Yes.

Has the country been the subject of FATF mutal evaluation in the last 3 years?

No.

Are there minimum transaction thresholds (Y/N)

More details on minimum transaction thresholds.

What are the requirements for customer identification information for individuals

Individuals: name, address and date of birth, ideally from government-issued documents such as government identification, passport and weapon licence that includes the customer's full name and photograph, and either address or date of birth.

Details to be Collected on Corporates

Corporates: should obtain full name, Commercial Register copy, business address, and additionally for private companies, names of all directors and beneficial owners. This should be clearly noted in the Commercial Register of the company and also show the authorised signatories of the company. If the company is regulated (e.g. insurance or capital markets) it should provide confirmation of the company’s listing on the regulated market or a copy of the company’s Certificate of Incorporation.

What are the high level requirements around beneficial ownership (identification and verification)?

Each natural or legal person having a real interest in any of the activities of financial institutions, even if the transaction is conducted via another natural or legal person acting as a trustee, a proxy or under

What circumstances are enhanced customer due diligence measures required?

one stated in local regulations or guidance.

How should FI's deal with Politically exposed persons

The law states that financial institutions and other entities shall take special customer due diligence measures when a customer (or an individual acting on their behalf) or a beneficiary is identified as a PEP

What enhanced due diligence must be performed for correspondent banking relationships?

None stated in local regulations or guidance.

Are relationships with banks who might be considered a 'shell' and without substance permitted?

In what circumstances is additional due diligence required for non face-to-face transactions and/or relationships?

None stated in local regulations or guidance.

To whom are SAR's made? (suspicious activity reports)

CBE

Link to website of SAR reporting

N/A

Other Suspicious or unusual transactions obligations.

Yes, as per the AML Egyptian Law there is such an obligation.

Are there any de-minimis thresholds below which transactions do not need to be reported?

No.

Are there any penalties for non compliance with reporting requirements e.g. tipping off?

Yes, as stated in the Egyptian AML Law (Anti Money Laundering Law - Law # 80 for year 2002).

Are there any requirements (legal or regulatory) to use automated Suspicious Transaction monitoring technology?

No.

Is there a requirement to obtain authority to proceed with a current/ongoing transaction that is identified as suspicious?

Yes - as stated in the Egyptian AML Law (Anti Money Laundering Law - Law # 80 for year 2002).

Does the local legislation allow transactions to be monitored outside the jurisdiction?

Yes

Is there a legal requirement for a bank’s external auditor/other external organisation to report on the bank’s AML systems and controls?

No.

If an external report on the bank’s AML systems and controls is required: a) how frequently must the report be provided?

N/A

To whom should the report on AML systems be submitted?

N/A

Is an AML system part of the financial statement audit?

N/A

What are the requirements for the content of this external report on a bank’s AML systems and controls? Does it require: a) sample testing of KYC files? b) sample testing of SAR reports? c) examination of risk assessments?

N/A

Data Protection Laws And Personal Data

No.

Data Protection for Corporate Data

Data protection for "sensitive Data" and additional protections.

N/A

Do any restrictions on the transfer of credit reports exist?

This is only applicable to Banks as enforced by the Laws of the Central Bank of Egypt.

Regulator Acronym

CBE, EFSA

Year of last FATF mutual evaluation

N/A

Field 67

none stated

National ID card details

The Personality Verification Card is compulsory at the age of 16.

Compulsory?

National ID source

http://news.bahai.org/story/726

Passport Photo

practical Guidance yes / no

Legal Requirement

Regulator allows for monitoring transactions outside jurisdiction

Requirement to proceed

Yes

requirement to use automated suspicious transaction tools

Who are SARS made to?

CBE

shell banks

EDD for correspondent banking

PDF of case law

If the AML laws and/or regulations became effective in the last 2 years, what were the requirements of the previous AML regime?

N/A

Non financial sector (e.g. casinos, high value goods etc.)

Anti Money Laundering Law”

Does the country have a risk based approach?

No.

Where copies of identification documentation are provided, what are the requirements around independent verification or authentication?

Copies of documents should be authenticated by a banks' senior staff after reviewing and verifying the original documents. Only copies certified and stamped by governmental bodies/authorities can be relied upon by banks. Authenticated copies from attorneys or other third parties are not accepted unless original copies are obtained.

Is there case law, other constitutional law or any other laws or regulations that may impact upon the transfer of information to this jurisdiction?

Yes

List of case law, constitutional law or any other laws or regulations that may impact upon the transfer of information.

The Egyptian Penal Code no. 58/1937 imposes criminal punishment for unlawful collection of images or recordings for individuals in private places. Egyptian Labour Law no. 12/2003 provide for protection and confidentiality on certain data. Egyptian Civil Status Law no. 143/1994 provides for the confidentiality of citizens' civil status data. The Executive Regulations of Mortgage Finance Law no. 148/2001 issued by virtue of Cabinet Decree no. 1/2001 as amended by Prime Minister Decree no. 465/2005 has a similar clause which provides for the confidentiality of the data of the clients of mortgage finance companies. The Mentally Disordered Care Law no. 71/2009 has the same clause on confidentiality of the patient's data.