The Financial Supervisory Authority required the external auditor of the Egyptian Stock Exchange companies to prepare an annual report on the procedures that have been taken in this regard, provided that it is submitted to the Authority within 30 days from the date of the end of the period for which the report is submitted, provided that it includes 7 controls, namely:
1- Include in the internal work manual and the systems applied in the entity the controls of identification and the legal status of clients and real beneficiaries of natural persons and legal persons.
2- Appointing the responsible for combating money laundering and terrorist financing and whoever replaces it, and their data.
3- Data of classification of customers according to the degree of risk.
4- The entity’s position on updating customer data.
5- Keeping the records that it must keep in accordance with the legislation issued in this regard, as well as updating their content and data.
6- Updating the necessary training material to train the entity’s employees to ensure that they are aware of recent developments related to the general methods and trends of anti-money laundering operations, terrorist financing and proliferation financing of weapons of mass destruction, and local, regional and global developments in this regard, as well as the entity’s position on implementing a training plan that suits the number of employees And its branches.
7- Providing the Unit and the Authority with the periodic reports that they are committed to in the field of combating money laundering and terrorist financing.
This came in Resolution No. 2 of 2021, which was issued by Dr. Muhammad Omran, Chairman of the Financial Supervisory Authority, regarding supervisory controls in the field of combating money laundering and terrorist financing for entities operating in non-banking financial activities.
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