Regulatory Alerts2025-08-01
Instruction No. 09-07-2025 RFE on Opening Conditions and Operational Modalities for Non-Resident Foreign Accounts
The BCEAO, UMOA Banking Commission, and Ministry of Finance conduct periodic controls to ensure approved intermediaries comply with this Instruction, sanctioning infractions under the UMOA Uniform Law on external financial relations. All procedures governed by this Instruction must strictly adhere to existing anti-money laundering, counter-terrorist financing, and weapons proliferation regulations across UMOA member states. Repealing prior rules including the July 2011 directive, this Instruction establishes updated opening conditions and operational modalities for non-resident foreign accounts, resident domestic currency accounts, and resident foreign accounts, taking effect on August 1, 2025.
9 Article 21: Controls The BCEAO, the UMOA Banking Commission, and the Ministry in charge of Finance conduct periodic controls to ensure that approved intermediaries comply with the provisions of this Instruction. Identified infractions are sanctioned in accordance with the Uniform Law on disputes concerning infringements of the regulation of external financial relations of the member states of UMOA in force. TITLE V: DIVERSE AND FINAL PROVISIONS Article 22: Diverse Provisions The procedures subject to this Instruction must be executed in strict compliance with the regulations concerning the fight against money laundering, terrorist financing, and proliferation of weapons of mass destruction in the UMOA member states. Article 23: Entry into Force This Instruction repeals all prior provisions dealing with the same subject, notably Instruction No. 08-07-2011/RFE of July 13, 2011 regarding the opening conditions and operational modalities for non-resident foreign accounts, resident domestic currency accounts, and resident foreign accounts. It enters into force on August 1, 2025 and is published wherever necessary. Done in Dakar, on July 7, 2025 The Governor