MLCUMendo Lake Credit Union (California)
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The CML Law stipulates that financial institutions must report to the MLCU any transactions suspected of involving the proceeds of crime or amounting to money laundering or terrorist financing, and must expend all measures necessary to prevent such transactions regardless of their value.
The CBE's Bank Supervision Unit shares responsibility with the MLCU for regulating banks and financial institutions and ensuring compliance with AML law.
In 2006, the CBE and MLCU undertook special compliance assessments of all banks operating in Egypt.
Individuals acting as financial intermediaries, such as lawyers, accountants, and cash couriers, are not currently subject to AML controls, although MLCU officials have indicated that the law will soon be amended to cover the activities of these individuals.
The Customs Authority also signed an agreement with the MLCU to share information on currency declarations.
The MLCU, Egypt's FIU, is an independent entity within the CBE.
The Executive Director of the MLCU is responsible for the operation of the FIU and the implementation of the policies drafted by the Council of Trustees.
Since its inception in 2003, the MLCU has received several thousand STRs from financial institutions and has successfully brought several cases to court.