Governance, Compliance & AML

Governance, Compliance & AML


 Governance is the set of rules and practices that direct the relationship between the Board of Directors, the management, shareholders and other stakeholders. Authorities and responsibilities of each party are set by Governance rules. Governance defines the method adopted by the Board of Directors and the  management to guide business and daily activities through the following:

1- Setting strategies and objectives.

2- Running the Bank’s daily business activities.

3- Establishing a balance between the Bank’s liabilities towards the shareholders and protecting depositors’ and other stakeholders’ interests.

4- Ensuring that the Bank’s business activities are safely and properly implemented in view of applicable laws & regulations.

5- Following effective disclosure & transparency policies.

 As foreign account tax compliance act (FATCA) was implemented globally in July 2014. Overall,  Export Development Bank of Egypt has registered as a participating FFI in the FATCA program and comply with the requirements under FATCA regulations  under unilateral agreement between foreign financial  institutions- FFI- and US Internal Revenue Service- IRS –and as dictated by the regulatory authority – The Central Bank of Egypt – “CBE”. Our GIIN (Global intermediary identification number) is 61RLTA.99999.SL.818

 Compliance & AML:

 Compliance has always been a core value of the Bank. Compliance Department is responsible for the compliance framework and its implementation throughout the Bank and for promoting a high level of awareness of compliance requirements.
Its mission is to ensure that the Bank has a robust system for identification and management of compliance requirements for all jurisdiction regulations
By so doing, Compliance Department aims to protect the Bank from the risk of violation of the laws and regulations at institution, country and international level. That in turn, helps in the mitigation and management of legal and reputational risks facing the Bank.
Accordingly, Compliance Department's role consists of the following:

  • Identification, assessment and monitoring of the compliance risks associated with the Bank's business activities.
  • Advising Senior Management on applicable laws, rules and standards.
  • Monitoring compliance with policies by performing regular and comprehensive compliance risk assessment, testing and reporting findings on regular basis to the Board of Directors and Senior Management.
  • Assessing the appropriateness of internal procedures and guidelines with constant follow up on any identified deficiencies.
  • Monitoring external transfers to ensure that all transactions' parties are not listed on the international as well as local sanctions' lists.
  • Applying AML & TF laws and regulations and KYC procedures as well as customer due diligence.
  • Reviewing new products and services prior to their launch to ensure compliance with prevailing regulatory laws and regulations.
  • Monitoring the Bank compliance with corporate governance regulatory requirements regarding:

1. Transparency and disclosure requirements

2. Ensuring that behavioral standards of conduct are properly met in the institution through the implementation of the Bank’s code of ethics.

3. Implementing and monitoring Anti-money laundering and Terrorism financing procedures through the utilization of a Risk Based Approach.

4. Educating staff regarding the respect and compliance with applicable laws.