DJ COFICERT: Tamweely Microfinance becomes the first company in Egypt to obtain both AML 30000 and MSI 20000 international certifications
COFICERT
COFICERT: Tamweely Microfinance becomes the first company in Egypt to obtain both AML 30000 and MSI 20000 international
certifications
05-March-2025 / 14:34 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Press Release
Paris, Cairo, 05th of March 2025 - 2:30 P.M.
Tamweely Microfinance becomes the first company in Egypt to obtain both AML 30000 and MSI 20000 international
certifications
Tamweely Microfinance, a leading Egyptian microfinance institution with over 200,000 active clients, has been awarded
two international certifications: on the one hand, AML 30000, related to the fight against financial crime, and on the
other hand, MSI 20000, related to financial governance. These certifications were granted by COFICERT, French
organization recognized as the global leader in financial certification.
Ahmed Khorched, CEO, Managing Director, and Vice Chairman of Tamweely, expressed his pride in obtaining these two
international certifications. He emphasized that Tamweely is the first Egyptian company operating in the non-banking
financial services sector to receive these globally recognized certifications, which assess the compliance and
effectiveness of specific management systems. These certifications reinforce Tamweely's commitment to strengthening, on
the one hand, the financial governance, and on the other hand, the fight against financial crime.
The AML 30000 certification is the international standard dedicated to combating money laundering, terrorist financing,
and the proliferation of weapons of mass destruction. As for the MSI 20000 certification, it is the international
standard dedicated to the quality of financial situation, based on two fundamental pillars: financial soundness and
financial performance.
Both standards, issued from Luxembourg by the IGSF (International Group for Sustainable Finance), ensure the adherence
of governance systems to best practices.
Mr. Khorched reaffirmed Tamweely's commitment to adopting responsible and ethical financial practices while complying
with both local and international regulations adopted by the Egyptian state. The CEO of Tamweely emphasized that the
level of regulations and directives implemented by the Egyptian Financial Regulatory Authority (FRA) played a decisive
role in the successful certification process for the AML 30000 standard. He reiterated the company's commitment to
actively contributing to strengthening the integrity and transparency of the financial system in the fight against
regional financial crime threats.
Abdel Rahman Mostafa, Head of Risk Management at Tamweely, stated that obtaining these certifications was the result of
a collective effort and the support of all employees, following a year of intensive preparation.
With regard to the AML 30000 certification, Ahmed Sami, Head of Anti-Money Laundering and Counter-Terrorism Financing
at Tamweely, explained that the evaluation and verification process took place in two stages. First, a review of
technical compliance, followed by an assessment of operational effectiveness. The AML 30000 standard incorporates the
40 recommendations issued by the FATF, adapted sectorally according to the regulated entity.
Regarding the MSI 20000 certification, it is worth highlighting that in recent years, Tamweely has sustained a robust
financial position, maintaining a consistent equilibrium between financial soundness and performance. The company's
financing structure is well-aligned with the local economic and monetary landscape, reinforcing its pivotal role as a
key Egyptian financial player. Tamweely has consistently delivered strong KPIs in risk and asset management,
effectively navigating challenges related to liquidity, while continuously strengthened its commercial positioning.
Houcem KACEM, CFO of Tamweely, states that this positive trajectory has enabled Tamweely to optimize the control of its
operating expenses and improve the alignment between its net result and the size of its assets.
The certification ceremony was marked by the presence of Isabelle Schoonwater, recognized for her contribution to the
fight against financial crime. Ms. Schoonwater is the Chair of the Scientific Committee of the AML 30000 Standard,
founding Chair of the Typologies Working Group within the FATF, and a Prosecutor and Presiding Judge of the specialized
chamber for financial crime. She has held several high-level positions within the Ministry of Finance and Economy, the
World Bank, and the International Monetary Fund (IMF) and has participated in numerous national evaluations on behalf
of the FATF. Recognized for her dedication and efforts, Isabelle Schoonwater is a Knight of the Legion of Honor and has
been awarded the National Order of Merit.
The event also welcomed the presence of Mr. Ali Saad, General Director of the Egyptian Federation for Medium, Small,
and Micro-Enterprise Financing.
Cristian Mocanu, Secretary General of the French certification body COFICERT, leveraging his expertise in the
dissemination of best practices and his commitment to combating the terrorism financing within microfinance sector,
highlighted Tamweely's efforts in achieving a double certification and the institution's leadership in this initiative.
He also encouraged industry peers to follow suit.
ABOUT:
Tamweely Microfinance is a non-banking financial institution founded in 2017 with an issued and paid-up capital of EGP
150 million. It holds License No. (6) for microfinance activities, is licensed for micro-leasing finance and registered
under No. (305 for the year 2023) in the Financial Leasing Registry, and holds License No. (5) for medium and small
enterprise financing.
COFICERT is a multi-standard certification body, specializing in financial and non-financial governance certifications.
Operating in over 40 countries across four continents, COFICERT brings together experts in financial governance,
financial crime, and sustainable finance. COFICERT is committed, alongside standardization bodies and global
certification leaders, to certifying companies and institutions that comply with the most stringent standards in terms
of good financial governance, non financial governance, anti-corruption efforts, and the fight against money laundering
and terrorist financing.
The IGSF is a non-profit NGO based in Luxembourg, whose activities aim to channel and organize international efforts in
financial and non-financial standardization. As a standard-setting entity, the IGSF operates primarily in two areas:
first, the technical structuring of standards related to financial and non-financial governance, and second, the
dissemination of standards and best practices more broadly. The topics covered within the IGSF notably address issues
related to financial governance, the fight against financial crime, and the non financial governance of companies and
organizations of all type.
CONTACTS
Tamweely Microfinance, Marketing Manager, Bishoy Yacoub, b.yacoub@tamweely.com.eg;
COFICERT, Press contact: press@coficert.org, +33 (0)1.78.91.06.00
AELIUM - Communication financière: Solène KENNIS: skennis@aelium.fr, +33 (0)1.75.77.54.68
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Regulatory filing PDF file
File: EN.PR Tamweely COFICERT AML 30000 MSI 20000
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Language: English
Company: COFICERT
3 Rue Edouard Fournier
75016 Paris
France
Phone: 01 78 91 06 00
Internet: https://www.coficert.org/
Euronext Ticker:
AMF Category: Inside information / Other releases
EQS News ID: 2095823
End of Announcement EQS News Service
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