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