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Anti-Money Laundering Law No. 80

Egypt2002AML/CFT

Overview

Egypt's Anti-Money Laundering Law No. 80, enacted in 2002 and amended in 2014 and 2020, forms the core of the country's framework to combat money laundering and terrorist financing. It aligns with FATF standards and establishes enforcement mechanisms for identifying, reporting, and investigating financial crimes.

The law applies to banks, exchange houses, insurance firms, real estate companies, law firms, accountants, and other regulated entities in Egypt. It mandates due diligence, transaction monitoring, reporting of suspicious activity, and regulatory oversight by the EMLCU.

Key Obligations

Establish a risk-based AML program with internal policies, controls, and procedures
Conduct customer due diligence (CDD) and identify beneficial owners
Submit suspicious transaction reports (STRs) to the EMLCU
Perform enhanced due diligence (EDD) for high-risk customers, including politically exposed persons

Retain transaction and identification records for at least five years
Prohibit anonymous or fictitious account openings
Provide regular staff training and ensure independent internal audits

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Related Regulations

AML/CFT Law No. 20 of 2021 (Qatar)

FATF 40 AML/CFT Recommendations

Corporate Transparency Act BOI Rule

FAQ

Who enforces AML Law No. 80 in Egypt?

The Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) is responsible for enforcement.

Are anonymous accounts permitted?

No. The law prohibits the use or creation of anonymous or fictitious accounts

Which sectors are regulated under this law?

Banks, insurance firms, money service businesses, real estate agents, law firms, and accountants, among others.

What are the consequences of non-compliance?

Entities may face fines, criminal prosecution, or business restrictions for failing to comply.