The inclusion of the Egyptian model was made in the FATF's updated guidance document released in June 2025, highlighting the pioneering role of Egypt, particularly the Central Bank of Egypt (CBE), regionally and internationally in advancing financial inclusion and combating illicit financial flows.
FATF is an intergovernmental organisation based in Paris,
France, established in 1989. It has 40 members and sets international standards
to combat money laundering, terrorist financing, and proliferation financing,
ensuring national authorities can tackle illicit funds linked to serious crimes
such as illegal drug and arms trafficking, fraud (including e-crimes), and
corruption.
The guidance praised the efforts led by the CBE, in
collaboration with the Egyptian Anti-Money Laundering and Terrorist Financing
Unit (AML/CFT Unit). The CBE's integrated regulatory and supervisory powers
were cited as pivotal in designing and implementing measures that ensured a
balance between international compliance and financial inclusion.
This effort has built an integrated and effective regulatory
framework that contributes to fair and secure access to financial services,
economically empowering all segments of society through regulations and
initiatives that support inclusion while safeguarding financial stability and
consumer rights.
On this occasion, CBE Governor Hassan Abdalla stated that
this international commendation "is a confirmation of Egypt's commitment
to an ambitious national strategic vision that achieves a balance between
protecting the financial system and enabling various segments of society to
access formal financial services."
He added that it "reflects the magnitude of the
achievement realised on the ground as a result of the substantial efforts
exerted by the sectors of the Central Bank of Egypt and the AML/CFT Unit, in
cooperation with relevant state bodies, to bolster Egypt's leading role in this
regard."
Abdalla stressed that the CBE will continue to promote this
integrated approach, which aligns with international best practices, to support
economic growth and establish financial inclusion as a key pillar for
comprehensive economic development.
The guidance highlighted key regulatory measures taken by
the CBE, in coordination with the AML/CFT Unit, to boost financial inclusion.
These include applying simplified Know-Your-Customer (KYC) procedures for individuals
and micro-enterprises, facilitating the opening of bank accounts for youth aged
15 and above, artisans, and freelancers using only the National ID card, allowing
banking agents to verify customer identities to expand the provision of
financial services, and developing tailored financial products for various
societal groups, such as women, youth, and people with disabilities.
The FATF document also acknowledged the CBE's efforts to
promote digital financial inclusion by developing financial infrastructure and
supporting the use of e-wallets and prepaid cards, in addition to issuing
regulations for the licensing and registration of digital banks. These measures
enable institutions to offer banking services via digital platforms and
channels, expanding service reach in remote areas.
Furthermore, the CBE has enhanced the role of the Egyptian
Credit Bureau (I-Score) and strengthened the Credit Guarantee Company to
facilitate access to finance for Small and Medium Enterprises (SMEs).
The FATF guidance on AML/CFT measures and financial inclusion was prepared in consultation with a wide range of international bodies, including the CBE and the AML/CFT Unit, which underscores Egypt's leadership role in this domain. The guidance aims to encourage countries to enhance financial inclusion and apply a proportional, risk-based approach.