Anti-Money Laundering Law No. 80
Egypt
2002
AML/CFT
Overview
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
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.