UMOA Council of Ministers Decision No. 021 Setting Threshold Amounts for Implementing the Uniform Anti-Money Laundering and Counter-Terrorist Financing Law

WEST AFRICAN MONETARY UNION

DECISION NO. 021 OF 21/12/2023/CM/UMOA SETTING THE THRESHOLD AMOUNTS FOR IMPLEMENTING THE UNIFORM LAW ON ANTI-MONEY LAUNDERING, COUNTER-TERRORIST FINANCING AND PROLIFERATION OF WEAPONS OF MASS DESTRUCTION IN THE MEMBER STATES OF UMOA

THE COUNCIL OF MINISTERS OF THE WEST AFRICAN MONETARY UNION (UMOA),

Having regard to the Treaty of the West African Monetary Union (UMOA) of 20 January 2007, particularly Article 34 thereof;

Having regard to the Uniform Law on anti-money laundering, counter-terrorist financing and proliferation of weapons of mass destruction in the member states of UMOA, particularly Articles 2, 17, 21, 49, 50, 57, 72, 82 and 119 thereof;

Having regard to the Bank of Central African States (BCEAO) Note on the draft Decision setting the threshold amounts for implementing the Uniform Law on anti-money laundering, counter-terrorist financing and proliferation of weapons of mass destruction, presented to the Council of Ministers at its ordinary session on 21 December 2023;

Having regard to the Deliberations of the Council of Ministers at its ordinary session on 21 December 2023,

DECIDES:

Article 1: Subject Matter

This Decision sets the threshold amounts provided for in Articles 2, 17, 21, 49, 50, 57, 72, 82 and 119 of the Uniform Law on anti-money laundering, counter-terrorist financing and proliferation of weapons of mass destruction, hereinafter referred to as the Uniform Law.

Article 2: Threshold Applicable to the Designation of Other Natural and Legal Persons Trading in Goods as Designated Non-Financial Businesses and Professions (DNFBPs)

For the application of Article 2, point 26(h) of the Uniform Law, natural or legal persons who trade in goods as a regular profession have the status of Designated Non-Financial Businesses and Professions (DNFBPs), when they make or receive cash payments amounting to five million (5,000,000) CFA francs or more, whether the transaction is executed in a single operation or as apparently linked fractional operations.

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Article 3: Threshold Applicable During the Execution of Multiple Transactions by Financial Institutions

For the application of Article 17, point (i) of the Uniform Law, financial institutions are required to identify their clients, whether permanent or occasional, whether natural persons, legal persons or legal structures, as well as their beneficial owners, and to verify their identity when executing multiple cash transactions, in both national currency and foreign exchange, when they exceed a total of nine million (9,000,000) CFA francs, and are carried out by the same person or on their behalf within a single day, or according to an unusual frequency.

The threshold referred to in the preceding paragraph is without prejudice to more stringent specific provisions that each UMOA member State may adopt.

Article 4: Thresholds Applicable to the Particular Monitoring of Certain Transactions Carried Out by Financial Institutions and DNFBPs

For the application of Articles 21 and 48 of the Uniform Law, the following transactions must be subject to particular scrutiny by financial institutions and DNFBPs:

a) any cash payment or bearer instrument payment of an amount of money, carried out under normal conditions, whose unit or total amount is equal to or greater than fifty million (50,000,000) CFA francs;

b) any transaction involving an amount equal to or greater than ten million (10,000,000) CFA francs, carried out under unusual conditions of complexity or without justification, or appearing to lack economic justification or a lawful purpose.

Article 5: Thresholds Applicable to the Identification Obligations for Occasional Clients and Beneficial Owners by DNFBPs

For the application of Article 49 of the Uniform Law, DNFBPs are required to identify their occasional clients as well as the beneficial owners of transactions and verify the elements of their identification, in the following cases:

a) when the amount of the transaction or linked transactions exceeds nine million (9,000,000) CFA francs, for persons other than legal representatives and responsible managers of gaming operators;

b) when the amount of the transaction or linked transactions exceeds one million (1,000,000) CFA francs, for legal representatives and responsible managers of gaming operators;

c) in the event of repetition of distinct transactions whose cumulative total reaches the threshold indicated in point a) or b) of this Article.

Article 6: Threshold Applicable to Services Offered by Casinos and Gaming Establishments

For the application of Article 50 of the Uniform Law, casinos and gaming establishments must verify the identity of players who purchase, bring in or exchange tokens or chips for an amount equal to or greater than one million (1,000,000) CFA francs, whether it is a single transaction or multiple transactions that appear linked.

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Article 7: Thresholds Applicable to Reporting Obligations Related to the Activities of Non-Profit Organizations

For the application of Article 57 of the Uniform Law, any non-profit organization identified under Article 117 and registered in the registry referred to in Article 118 must report, to the national body responsible for regulation and supervision of anti-money laundering, counter-terrorist financing and proliferation of weapons of mass destruction activities of non-profit organizations, any donation received with a value equal to or greater than one million (1,000,000) CFA francs, indicating the complete contact details of the donor, the date, the nature and the amount of the donation.

For the application of Article 119 of the Uniform Law, the body referred to in the preceding paragraph must report to the National Financial Intelligence Unit, abbreviated as CENTIF, any donation made in favor of a non-profit organization with a value equal to or greater than three million (3,000,000) CFA francs.

Article 8: Threshold Applicable to Reporting Obligations Related to Cash Transactions Carried Out by Financial Institutions and DNFBPs

For the application of Article 72 of the Uniform Law, financial institutions and DNFBPs are required to report to CENTIF cash transactions amounting to fifteen million (15,000,000) CFA francs or more, whether it is a single transaction or multiple transactions that appear linked.

Article 9: Threshold Applicable to Specific Obligations Related to Trust Services

For the application of Article 82 of the Uniform Law, subject persons acting in a fiduciary capacity are required to declare this status to financial institutions and DNFBPs, when requesting the execution of an occasional transaction amounting to nine million (9,000,000) CFA francs or more.

Article 10: Final Provisions

This Decision repeals and replaces all prior provisions dealing with the same subject matter.

It enters into force as of the date of its signature and shall be published wherever necessary.

Done at Cotonou, on 21 December 2023

For the Council of Ministers of the West African Monetary Union,

The President

(Signature)

Adama COULIBALY

Minister of Finance and Budget of the Republic of Côte d'Ivoire