{"id":612633,"date":"2023-12-26T00:00:00","date_gmt":"2023-12-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/26\/cbe-introduces-new-anti-money-laundering-rules-for-better-cash-flow-monitoring\/"},"modified":"2023-12-26T00:00:00","modified_gmt":"2023-12-26T00:00:00","slug":"cbe-introduces-new-anti-money-laundering-rules-for-better-cash-flow-monitoring","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/26\/cbe-introduces-new-anti-money-laundering-rules-for-better-cash-flow-monitoring\/","title":{"rendered":"CBE introduces new anti-money laundering rules for better cash flow monitoring"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>AML regulations are getting an overhaul from the CBE:<\/strong>The Central Bank of Egypt (CBE) issued a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1703.pdf\" style=\"\" rel=\"noopener\">circular (pdf)<\/a> on Sunday upgrading its anti-money laundering (AML) controls and scrapping the 2008 regulations in a bid to tighten monitoring of cash flow. Banks will have a six-month window to implement the new measures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What for?<\/strong> The new rules focus on keeping taps on clients' activities and transfers \u2014 particularly transactions made in USD and credit card deposits \u2014 to ensure compliance with international laws, a government source told Enterprise. Recent practices spotted in greenback certificates and a lax approach when it comes to questioning the source of USD deposits \u2014 a quick fix for Letters of Credit crisis \u2014 have prompted the CBE to raise the bar for monitoring recent cash flows, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s under t<\/strong><strong>he spotlight<\/strong><strong>?<\/strong><\/p>\n<ul>\n<li><strong>Large or frequent cash deposits<\/strong> or <strong>withdrawals <\/strong>that are <strong>inconsistent <\/strong>with the client\u2019s profile.<\/li>\n<li><strong>Deposits by different parties<\/strong> into a client\u2019s account <strong>without a clear purpose<\/strong>.<\/li>\n<li><strong>Large or frequent FX transactions<\/strong> without a need-to basis.<\/li>\n<li><strong>Large or frequent transfers<\/strong> to \/ from parties near border crossings or in <strong>high-risk countries.<\/strong><\/li>\n<li><strong>Deposits <\/strong>that are <strong>immediately withdrawn<\/strong> after being deposited.<\/li>\n<li><strong>Large or frequent transfers<\/strong> from<strong> foreign e-payment companies<\/strong> or companies known for working with <strong>crypto<\/strong>.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tightening the reins on USD from unknown sources:<\/strong> The new rules partially reverse a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f565556-4988-49bb-9a64-3228d9d46e59\" style=\"\" rel=\"noopener\">no-questions-asked approach<\/a> implemented by banks back in July, where they offered to take in USD for FCY deposit certificates without inquiring about the source of the funds. The policy was among many emergency measures taken to attract foreign currency amid the ongoing FX crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banks will have a six-month window to implement the new measures<\/p>\n","protected":false},"author":1,"featured_media":612634,"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":[1],"tags":[11551,204,271,72,2234,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-anti-money-laundering-act-2","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-foreign-exchange","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"43d8317c-afef-4fd2-ba84-2e76df912fee","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/1038.jpg","photo_position":"above","homepage_title":"CBE wants to know where your dollars came from","full_issue_title":"Central Bank of Egypt rolls out new anti-money laundering rules to better monitor cash flow","related_issue":[612626],"teaser":"Banks will have a six-month window to implement the new measures","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.e48ebf0e-e678-49df-8fd7-d29b76a65a92.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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 &quot;Egypt Politics + Economics&quot;","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":610696,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/26\/bids-roll-in-for-the-fras-credit-rating-license-plus-arab-agri-investment-megamind-and-gulf-nations\/","url_meta":{"origin":612633,"position":2},"title":"Bids roll in for the FRA\u2019s credit rating license. PLUS: Arab agri investment, Megamind, and Gulf nations","author":"enterpriseam admin","date":"26 November 2023","format":false,"excerpt":"Three consortiums have submitted bids for the FRA\u2019s credit rating license","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1352.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546230,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/rate-hikes-leave-govt-with-at-least-egp-6-bn-in-unexpected-debt-costs\/","url_meta":{"origin":612633,"position":3},"title":"Rate hikes leave gov\u2019t with at least EGP 6 bn in unexpected debt costs","author":"enterpriseam admin","date":"9 May 2022","format":false,"excerpt":"FinMin needs at least another EGP 6 bn for debt repayments: The House Budget Committee has approved legislative amendments that would unlock an extra EGP 6 bn to help Egypt meet its debt repayments as interest rates rise at home and abroad, Youm7 reports.But that\u2019s not likely going to be\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/102.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570382,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/","url_meta":{"origin":612633,"position":4},"title":"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits","author":"enterpriseam admin","date":"30 March 2020","format":false,"excerpt":"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits: The Central Bank of Egypt (CBE) decided yesterday to impose a temporary cap on daily cash withdrawals and deposits from banks and ATMs, according to an official statement (pdf). The CBE said the measure is designed to force\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/339.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595868,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/cbe-issues-regulations-for-foreign-currency-exports\/","url_meta":{"origin":612633,"position":5},"title":"CBE issues regulations for foreign currency exports","author":"enterpriseam admin","date":"8 August 2019","format":false,"excerpt":"REGULATION WATCH- CBE issues regulations for foreign currency exports: New banking regulations will require banks wanting to export and import foreign currency to apply for a 12-month license in January every year, according to a CBE statement (pdf) released yesterday. The CBE said banks have six months from the date\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.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\/612633","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=612633"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612633\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/612626"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/612634"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=612633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=612633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=612633"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=612633"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=612633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}