Tanmeyah Signs Certification Agreement with COFICERT France to obtain AML 30000 Certification
تاريخ النشر: 21st, August 2024 GMT
Tanmeyah، a subsidiary of EFG Holding and a leading provider of financial services in Egypt with a concerted focus on micro and small enterprise segments، has entered a strategic certification agreement with COFICERT France to attain the prestigious AML 30000 certification. This international standard represents the pinnacle of anti-money laundering (AML) and counter-terrorism financing (CTF) compliance.
Microfinance institutions serve as vital bridges between the private sector and civil society، empowering individuals and communities through financial inclusion. By providing access to essential financial services، microfinance institutions contribute significantly to poverty reduction. Given their role in fostering economic development، it is imperative that MFIs implement robust anti-money laundering (AML) and counter-terrorism financing (CFT) measures. The unique operational context of microfinance institutions، characterized by geographical and economic factors، exposes them to heightened AML/CFT risks. To mitigate these challenges، they must fully comply with the stringent regulations imposed on all financial service providers.
Jinu Johnson، Chief Executive Officer and Managing Director of Tanmeyah، highlighted the significance of this initiative. “Our commitment to the highest AML standards is more than a regulatory requirement; it is crucial for strengthening our credibility، managing risks effectively، and ensuring regulatory compliance. By adhering to stringent AML practices، we will continue to build trust with our clients، investors، and regulatory bodies. Additionally، we will protect the vulnerable individuals we serve، preventing exploitation and upholding the highest ethical standards in our operations." Implementing robust AML measures is essential for our growth and enhancing our impact in the microfinance sector،” said Johnson.
Tanmeyah's enrollment in the AML 30000 certification process is commendable and inspiring for the entire financial sector،" said Cristian Mocanu، Secretary-General of COFICERT. If compliancy will be revealed during the evaluation process، Tanmeyah will be granted a three-year certificate of conformity، subject to annual follow-up evaluations، allowing it to join the ranks of certified institutions committed to best AML/CTF practices، and to set a strong example for other NBFIs in Egypt and the region.
COFICERT is a globally recognized French certification body with a strong track record in financial and non-financial standards. Operating in nearly 40 countries across three continents، COFICERT collaborates closely with international certification and standardization organizations. Their team of experts in governance، financial crime، and sustainable finance ensures rigorous certification processes. COFICERT offers certifications in key areas such as good financial governance (MSI 20000)، social responsibility (ESG 1000)، anti-money laundering and counter-terrorism financing (AML 30000)، and anti-corruption (ISO 37001).
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Sylndr is leveraging this financing facility to support its ambitious growth strategy and enhance its operational efficiency and scalability while solidifying its commitment to revolutionizing Egypt’s automotive industry. The transaction has been carefully structured to set a new standard for scalable، ring-fenced capital financing specifically tailored for Sylndr’s highly complex legal and financial framework that acts as a base for any new lender to scale up the structured facility.
Maie Hamdy، MD، Debt Capital Markets of Investment Banking at EFG Hermes، commented، “This transaction marks a significant shift not only for Sylndr but for Egypt’s growing startup ecosystem. Through this innovative، ring-fenced financing structure، we’ve provided Sylndr with the financial flexibility to scale confidently while ensuring the highest level of security for lenders. EFG Hermes remains committed to delivering dynamic financial solutions that foster growth and resilience for our clients، contributing to the broader economic transformation we’re witnessing across Egypt. We are excited to support Sylndr’s journey as it sets new standards in the online used-car market. We are proud to have utilized the inherent synergies within EFG Holding’s group of companies، having worked with EFG Corp-Solutions and Bank NXT as lenders on this transaction، utilizing the range of services we have to offer to serve our clients effectively.”
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Omar El Defrawy، Co-Founder and CEO of Sylndr، said، “This financing facility empowers us to unlock unprecedented growth while reinforcing our commitment to bring trust، transparency، and convenience to Egypt’s used car market. This milestone is a testament to Sylndr’s vision of offering differentiated mobility solutions، reshaping how people access affordable and reliable vehicles in Egypt’s growing market. We are particularly grateful to EFG Corp-Solutions، Bank NXT، and EG Bank for their invaluable support and confidence in our mission. Their dedication، along with the expertise of all parties involved، will enable us to expand our services، reach more communities، and offer more customers access to high-quality vehicles and seamless financing options. We look forward to continuing to transform the way people buy and sell cars in Egypt.”
EFG Hermes served as the sole financial advisor for the transaction. EFG Corp-Solutions، Bank NXT and EG Bank acted as lenders، amongst others. Adsero provided legal advisory services for Sylndr and Sarie-Eldin & Partners for the lenders.
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