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Source:
الوطن
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Digital Finance Aids AML
Hamdy Badawi, Assistant Chairman of the Financial Regulatory Authority, said that digital transformation—one of the Authority’s objectives and part of Egypt Vision 2030—helps combat money laundering by monitoring transactions, detecting unusual activity, and issuing alerts when suspicious activity is identified. The Authority supports the use of these technologies through a technology sector and a regulatory sandbox, while Law No. 5 of 2022 regulates technology-enabled non-bank financial activities. Badawi stressed that companies and their boards are responsible for establishing binding anti-money-laundering and risk-management policies, as well as verifying customers, protecting data, raising awareness, and conducting ongoing oversight.
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