Regulatory Alerts2005-06-13
COBAC Regulation R-2005/01 on Due Diligence for Covered Institutions Regarding Anti-Money Laundering and Counter-Terrorist Financing in Central Africa
This COBAC Regulation R-2005/01, issued by the Central African Banking Commission (COBAC) on April 1, 2005, establishes due diligence obligations for financial institutions in Central Africa to combat money laundering and terrorist financing. It mandates customer identification, risk assessment, and enhanced scrutiny for Politically Exposed Persons (PEPs) and non-resident clients. The regulation aligns with international standards, including those from GAFI and the Basel Committee, to ensure the integrity of the CEMAC banking system.
Share