Regulatory Alerts2024-07-08
Decision No. 003 of March 28, 2024 Fixing Complementary Thresholds for Implementing the UMOA Uniform Anti-Money Laundering, Terrorist Financing and Proliferation Law
The Council of Ministers of the West African Monetary Union (UMOA) issued Decision No. 003 on March 28, 2024 to establish complementary threshold amounts for implementing the UMOA Uniform Law on anti-money laundering, terrorist financing, and proliferation of weapons of mass destruction. The decision mandates that authorized money changers identify clients and beneficial owners for transactions exceeding five million CFA francs, while precious metals and stones dealers must apply due diligence obligations for cash operations of nine million CFA francs or more. Additionally, it requires that real estate sales valued at twenty million CFA francs or above be settled exclusively via bank transfer or cheque, thereby replacing all prior provisions on the subject and entering into force upon signature.