Regulatory Alerts2007-07-02
Instruction No. 01/2007/RB on the Fight Against Money Laundering within Financial Institutions
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 01/2007/RB to mandate financial institutions within the UEMOA to implement comprehensive anti-money laundering due diligence, reporting, and internal control obligations. The directive requires these institutions to establish dedicated anti-money laundering units, enforce strict customer identification and record-keeping for ten years, and submit suspicious transaction reports to the National Financial Intelligence Unit (CENTIF). Furthermore, it imposes enhanced monitoring of atypical and electronic transactions, mandates staff training programs, and establishes specific reporting deadlines for banks and non-bank financial entities to ensure regulatory compliance and systemic stability.