Regulatory Alerts2025-04-01
BCEAO Instruction 003-03-2025 on Customer Identification, Identity Verification and Due Diligence by Financial Institutions
The Central Bank of West African States (BCEAO) issued Instruction 003-03-2025 to standardize customer identification, identity verification, and due diligence procedures across all UMOA financial institutions. The directive mandates strict data collection, document authentication, and beneficial ownership tracking for both physical and remote clients, while introducing risk-based electronic identification schemes and cybersecurity compliance. Financial entities must maintain internal registers, report discrepancies to the National Financial Intelligence Unit (CENTIF), and apply proportionate verification measures tailored to their operational models.
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