{"id":569874,"date":"2020-03-10T04:20:14","date_gmt":"2020-03-10T04:20:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/"},"modified":"2020-03-10T04:20:14","modified_gmt":"2020-03-10T04:20:14","slug":"fra-orders-brokerages-to-appoint-anti-money-laundering-czar","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/","title":{"rendered":"FRA orders brokerages to appoint anti-money laundering czar"},"content":{"rendered":"

<\/a> REGULATION WATCH- Brokerages now need to appoint a dedicated anti-money <\/strong>laundering czar:<\/strong> Brokerage companies have received a letter from the Financial Regulatory Authority (FRA) ordering them to hire professional auditors to monitor whether their operations are being used to facilitate money laundering and terror financing, Al Mal reported.<\/a> The decision stipulates that appointees must have three years of experience in risk management and auditing, one brokerage chairman told the newspaper.<\/p>\n

Just how feasible is this?<\/strong> A managing director at an unnamed brokerage firm told the newspaper that the company could struggle to afford the salary of a risk management officer, particularly given the limited pool of candidates. Casting doubt on whether there are enough risk management officers to join all of Egypt\u2019s 90 brokerages, they said that brokerages could end up paying anything between EGP 20-40k to meet the new requirements.<\/p>\n

The move seems to be part of a coordinated effort to combat money laundering and terror financing:<\/strong> The House earlier this week gave preliminary approval<\/a> to amendments to the Anti-Money Laundering Act that would expand the list of assets that can be used in money laundering to include securities. The FRA also signed a cooperation agreement<\/a> with the central bank to combat money laundering and terrorist financing last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

REGULATION WATCH- Brokerages now need to appoint a dedicated anti-money laundering czar: Brokerage companies have received a letter from the Financial Regulatory Authority (FRA) ordering them to hire professional auditors to monitor whether their operations are being used to facilitate money laundering and terror financing, Al Mal reported. The decision stipulates that appointees must have […]<\/p>\n","protected":false},"author":1,"featured_media":569875,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[4769,72,76,265,2380,4700],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-analysts","tag-enterpriseam","tag-financial-regulatory-authority","tag-money-laundering","tag-speed-round","tag-terror-financing","wpautop","entry"],"acf":{"mongo_id":"b458d1e8-f8cd-4fed-b1fa-cd68a0239fa0","is_powered_by":true,"section_story_id":"99efdcae-1f1d-4c63-841d-96a7354d80a3","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/119.jpg","photo_position":"above","related_issue":[569856],"teaser":"","voice_url":""},"yoast_head":"\nFRA orders brokerages to appoint anti-money laundering czar - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA orders brokerages to appoint anti-money laundering czar\" \/>\n<meta property=\"og:description\" content=\"REGULATION WATCH- Brokerages now need to appoint a dedicated anti-money laundering czar: Brokerage companies have received a letter from the Financial Regulatory Authority (FRA) ordering them to hire professional auditors to monitor whether their operations are being used to facilitate money laundering and terror financing, Al Mal reported. The decision stipulates that appointees must have […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-10T04:20:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/119.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FRA orders brokerages to appoint anti-money laundering czar\",\"datePublished\":\"2020-03-10T04:20:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/\"},\"wordCount\":219,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/119.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Analysts\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"money laundering\",\"SPEED ROUND\",\"terror financing\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/fra-orders-brokerages-to-appoint-anti-money-laundering-czar\/\",\"name\":\"FRA orders brokerages to appoint anti-money laundering czar - 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The agreement will see the two work together to bring Egypt\u2019s anti-money laundering systems in the banking and non-banking financial sector in line with international\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630291,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/17\/brokerage-firms-can-now-seek-license-to-receive-subscription-orders-for-private-investment-funds-omran\/","url_meta":{"origin":569874,"position":1},"title":"Brokerage firms can now seek license to receive subscription orders for private investment funds -Omran","author":"enterpriseam admin","date":"17 April 2018","format":false,"excerpt":"Brokerage firms can now seek licenses to take orders for funds: The Financial Regulatory Authority (FRA) has issued new directives that allow brokerage firms to take orders for investments in funds, FRA boss Mohamed Omran said in a statement yesterday. Only brokerages that have been in the market for more\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569662,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/03\/anti-money-laundering-act-amendments-get-committee-level-approval\/","url_meta":{"origin":569874,"position":2},"title":"Anti-Money Laundering Act amendments get committee-level approval","author":"enterpriseam admin","date":"3 March 2020","format":false,"excerpt":"LEGISLATION WATCH- House committee approves amendments to Anti-Money Laundering Act: The House Constitutional and Legislative Affairs Committee approved on Monday several amendments to the Anti-Money Laundering Act that widen the scope of money laundering to include selling and smuggling of oil, natural resources, securities and cryptocurrency, among others other assets,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600040,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/17\/ci-capital-securities-brokerage-shuaa-securities-in-talks-for-market-maker-license\/","url_meta":{"origin":569874,"position":3},"title":"CI Capital Securities Brokerage, SHUAA Securities In talks for market maker license.","author":"enterpriseam admin","date":"17 January 2019","format":false,"excerpt":"CI Capital and Shuaa Securities Egypt want to become market makers: CI Capital Securities Brokerage and Shuaa Securities Egypt are in talks with the Egyptian Exchange to become market makers, according to local press reports. 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Beltone and HC Securities were the first brokerages to complete a short selling transaction\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593184,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/20\/brokerages-arent-happy-with-how-much-egypts-short-selling-electronic-system-is-going-to-cost-them\/","url_meta":{"origin":569874,"position":5},"title":"Brokerages aren\u2019t happy with how much Egypt\u2019s short selling electronic system is going to cost them","author":"enterpriseam admin","date":"20 November 2019","format":false,"excerpt":"REGULATION WATCH- Brokerages aren\u2019t happy with how much the short selling electronic system is going to cost them: Brokerage firms have voiced concerns to the Financial Regulatory Authority (FRA) that they will be unable to afford the cost of the electronic system needed to short sell on the EGX, sources\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=569874"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569874\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569875"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569874"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569874"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}