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AMF-UMOA

FINANCIAL MARKETS AUTHORITY OF THE WEST AFRICAN MONETARY UNION

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INSTRUCTION NO. 71/AMF-UMOA/2023

ON THE TREATMENT OF INACTIVE ACCOUNTS AND UNCLAIMED ASSETS IN THE BOOKS OF ACCOUNT KEEPERS ON THE UMOA REGIONAL FINANCIAL MARKET

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The Financial Markets Authority of the West African Monetary Union,

• Having regard to the Revised Treaty of the West African Monetary Union (UMOA) dated July 12, 2019, which entered into force on October 1, 2022, modifying the name of the Regional Council for Public Savings and Financial Markets (CREPMF) to the Financial Markets Authority of the UMOA (AMF-UMOA);
• Having regard to the Convention of July 3, 1996 establishing the Regional Council for Public Savings and Financial Markets and its Annex on the composition, organization, functioning, and powers of the Regional Council for Public Savings and Financial Markets;
• Having regard to General Regulation No. 001/97 of November 28, 1997 on the organization, functioning, and control of the UMOA Regional Financial Market, as amended in Articles 37 and 136 by the UMOA Council of Ministers at its sessions on March 27, 1998 and September 5, 2005;
• Having regard to Decision No. 04 of April 29, 2021 by the UMOA Council of Ministers appointing the President of the Regional Council for Public Savings and Financial Markets;
• Having regard to Decision No. CM/16/09/2022 of September 30, 2022 on inactive accounts and unclaimed assets in the books of account-keeping institutions on the UMOA Regional Financial Market;
• Having regard to Directive No. 01/2023/CM/UEMOA of March 31, 2023 on the fight against money laundering, terrorist financing, and proliferation of weapons of mass destruction in the member states of the West African Economic and Monetary Union (UEMOA);
• Having regard to Decision No. 04/31/03/2023/CM/UMOA of March 31, 2023 adopting the draft Uniform Law on the fight against money laundering, terrorist financing, and proliferation of weapons of mass destruction in the member states of the West African Monetary Union (UMOA);
• Having regard to the AMF-UMOA deliberations at its 97th ordinary session on December 22, 2023, held in Cotonou, Republic of Benin;

HEREBY ADOPTS:

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Republic of Côte d'Ivoire | Abidjan Plateau Avenue Joseph ANOMA | 01 BPM 1878 Abidjan 01 Tel: (+225) 27 20 21 57 42 | 27 20 31 56 20 | Email: sg@amfumoa.org | Website: www.amfumoa.org

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13/01 Instruction No. 71 /2023/AMF-UMOA

TITLE I: GENERAL PROVISIONS

Article 1: Definitions

For the purposes of this Instruction, the following terms shall apply:

• Regional Financial Market Actor: any legal or natural person granted the status of market structure or participant, by approval from the Financial Markets Authority of the UMOA;
• Financial Asset: any security or contract issued or admitted to the regional financial market, which is capable of generating income or capital gains for its holder in exchange for a certain degree of risk;
• AMF-UMOA: Financial Markets Authority of the West African Monetary Union;
• Assets: financial and monetary assets credited to accounts with an Account Keeper for the benefit of clients;
• Prescribed Assets: securities and cash assets held in inactive accounts for thirty (30) years;
• Unclaimed Assets: assets credited to waiting accounts or pending in securities and cash reconciliations at Account Keepers, for which no owner has been formally identified for ten (10) years;
• Beneficiary: any natural or legal person who, by virtue of a legally established link with the account holder, holds the power to dispose of inactive securities and cash assets on behalf of the latter;
• BCEAO: Central Bank of West African States;
• Deposit and Consignment Fund (CDC): any public financial institution responsible for the collection, conservation, and secure management of public and private funds. It falls under the category of long-term institutional investors, entrusted with missions of general interest;
• Account: any securities or cash account attached to a securities account, opened with an Account Keeper approved by the AMF-UMOA;
• Securities Account: any account opened in the books of an approved Account Keeper or depository (Custodian Bank or Management and Intermediation Company) by the AMF-UMOA on the UMOA regional financial market, on which securities, negotiable debt instruments, units or shares of Collective Investment Undertakings (CIUs), and any financial instrument traded on an authorized regulated market are deposited;
• Inactive Account: a (securities and cash) account is considered inactive when, for at least ten (10) years, no operations have been recorded on said account, except for the crediting of income generated by portfolio securities and the redemption of debt instruments, and no contact has been established between the holder (or their representative or beneficiary) and the Account Keeper;

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• DC/BR: Central Depository / Settlement Bank;
• Account Inactivity: account inactivity occurs when the holder or beneficiary has not performed any operations (purchase, sale, subscription, pledge, transfer of securities, deposit, withdrawal) on the account and has made no manifestation, in any form whatsoever, with the Account Keeper for at least ten (10) years. In case of death, the absence of manifestation is extended to heirs, beneficiaries, or the notary;
• Representative: any natural or legal person acting in the name and on behalf of the account holder or beneficiaries;
• Client Profile: a categorization of the client based on their personal or patrimonial financial situation, competence, and experience in investing in financial products, as well as their risk, return, and investment horizon objectives;
• Account Keeper: any participant on the regional financial market authorized to credit financial assets to accounts on behalf of third parties;
• Holder: any natural or legal person registered or identified by the Account Keeper as the holder of one or more accounts;
• UEMOA: West African Economic and Monetary Union;
• UMOA: West African Monetary Union;
• Union: West African Economic and Monetary Union or West African Monetary Union.

Article 2: Object

This Instruction sets out the regulatory provisions applicable to inactive accounts and unclaimed assets held in the books of Account Keepers approved on the UMOA regional financial market.

Article 3: Scope of Application

This Instruction applies to the Central Depository/Settlement Bank (DC/BR), CDCs, and custodian Account Keepers as follows:

• Custodian Banks (BTCC);
• Management and Intermediation Companies (SGI);
• Collective Investment Fund Management Companies (SGO).

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13/03 Instruction No. 71 /2023/AMF-UMOA

TITLE II: PROVISIONS RELATING TO CLIENT IDENTIFICATION AND PREVENTION OF ACCOUNT INACTIVITY

CHAPTER I. MEASURES TO PREVENT ACCOUNT INACTIVITY

Article 4: Identification of the Holder and Monitoring of Account Activity

Account Keepers on the regional financial market are obligated, before establishing a contractual relationship with a client and opening an account, to collect information on the identity of the client or the person for whom the client acts, in accordance with legal and regulatory provisions on the fight against money laundering and terrorist financing in member states of the Union.

They must also identify any existing or future beneficiaries.

Account Keepers must establish an appropriate internal organization to identify and list accounts likely to become inactive and ensure their monitoring.

Article 5: Establishment of an Information and Communication Mechanism

Account Keepers are required to implement a mechanism aimed at maintaining regular contact with holders and monitoring their business relationships vigilantly to prevent accounts from becoming inactive. This mechanism must facilitate the updating of identification information for the holder or their beneficiary.

Article 6: Listing of Assets from Inactive Accounts and Unclaimed Assets

Account Keepers must implement a mechanism to list and distinguish assets from inactive accounts and unclaimed assets held in their books.

CHAPTER II. NOTIFICATION OF ACCOUNT INACTIVITY

Article 7: Notification of Inactivity to the Holder

When an account has shown no manifestation or intervention by its holder or representative for eight (08) years, the Account Keeper, regardless of any contrary contractual stipulation, is obligated to inform the holder or, where applicable, the known beneficiary of the consequences attached to account inactivity.

For the purposes of this Instruction, the start date of inactivity is considered to be the day following the last intervention by the holder, their representative, or a beneficiary on the account or any other account held with the same Account Keeper, marked by the absence of any manifestation, in any form whatsoever, from them, their representative, or a beneficiary.

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Article 8: Time Limit and Method of Notifying Inactivity to the Holder

The Account Keeper must fulfill its notification obligation under Article 7 above by any means, within three (03) months following the expiration of the eight (08)-year inactivity period. To this end, it uses available data.

The information transmitted to the holder or known beneficiary must be confirmed by email or registered letter with acknowledgment of receipt, sent to the last known address, along with the holder's account statement. This letter must also indicate the procedure to be followed by the Account Keeper if no intervention is made, particularly account closure and balance transfer as provided in Articles 17 and 19 of this Instruction.

The holder or their beneficiaries are informed that they have three (03) months to contact the Account Keeper.

The holder's or beneficiary's signature on the acknowledgment of receipt is considered a manifestation of their part.

Article 9: Cases of Death or Dissolution of the Holder

If the Account Keeper becomes aware of the holder's death or dissolution while fulfilling its notification obligations regarding account inactivity, it must notify the beneficiaries.

When beneficiaries are known, notification is sent within one (01) month from the date of awareness of the death or dissolution.

Notification is sent to beneficiaries within one (01) month from their identification date, if they were not known at the time of awareness of the death or dissolution.

CHAPTER III. COMPLEMENTARY SEARCHES FOR HOLDERS OR BENEFICIARIES

Article 10: Complementary Searches for Holders or Beneficiaries

Upon expiration of the notification obligation period under Article 8, the Account Keeper must conduct complementary searches to contact or identify the holder and, if identified, contact potential beneficiaries or continue searches to identify them in the following cases:

• in the absence of operations or manifestation by the holder;
• if available data did not allow for information transmission.

When the Account Keeper becomes aware of the holder's death or dissolution, it conducts the complementary searches mentioned in the first paragraph above to identify and, if identified, contact potential beneficiaries or continue searches.

For complementary searches, Account Keepers may use third-party services subject by law to a professional secrecy obligation or bound by a written confidentiality agreement.

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Article 11: Time Limit for Searches

Account Keepers have a two (02)-year period to re-establish contact with the client by all appropriate communication means, starting from the eighth year of account inactivity.

Article 12: Retention of Supporting Documents for Conducted Searches

Account Keepers retain supporting documents related to conducted searches until the consignment of relevant assets with the Deposit and Consignment Fund, for a minimum period of ten (10) years from the date of client account closure.

Article 13: Reactivation of Inactive Accounts

Account Keepers must implement appropriate procedures to reactivate inactive accounts.

When a holder initiates an operation on an inactive account again, the Account Keeper applies particular vigilance and ensures systematic updating of information related to the business relationship.

In case of multiple holders for the same account, operations initiated or manifestation by a single holder is considered sufficient to maintain the active status of the account.

Article 14: Costs of Searching for Holders or Beneficiaries

Costs incurred to recontact the client or locate potential heirs are borne by Account Keepers. In any case, they are not authorized to charge them to the debit of the concerned accounts.

Article 15: Monitoring and Control of Assets

Account Keepers must integrate into their internal control system a monitoring and control procedure for inactive accounts and unclaimed assets held in their books.

Particular attention must be paid to inactive accounts recording new operations, inactive accounts that have been reactivated, and the evolution of unclaimed assets.

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TITLE III: ACCOUNT CLOSURE AND TRANSFER OF ASSETS

Article 16: Cessation of Complementary Searches

Account Keepers cease complementary searches after two (02) years from the eighth year of inactivity, when undertaken steps have not succeeded in contacting holders or identifying and, if identified, contacting potential beneficiaries.

Article 17: Transfer of Securities and Cash Assets to Deposit and Consignment Funds

Upon expiration of the two (02)-year complementary search period, the Account Keeper transfers securities and cash assets held in its books to the Deposit and Consignment Fund of the State where the account is opened.

The maximum transfer period to the Deposit and Consignment Fund of the State where the account is opened is three (03) months. The Account Keeper guarantees the full transfer of assets.

Account Keepers must collaborate with Deposit and Consignment Funds to facilitate the identification of claimants and analyze their rights in the context of a request for restitution of transferred assets.

In the absence of a Deposit and Consignment Fund or any equivalent body within a State, assets that have accumulated ten (10) years in an Account Keeper's books are transferred to the Public Treasury of that State.

Article 18: Communication of Information by Account Keepers to Deposit and Consignment Funds

Account Keepers notify the transfer of assets to the Deposit and Consignment Fund of the State where the account is opened on the day of execution, and communicate all available information on holders within the same timeframes, along with supporting documents for conducted searches and, where applicable, representatives and beneficiaries of transferred assets. These information include, among others:

• the holder's identity;
• account numbers (securities and cash) respecting the nomenclature established by AMF-UMOA;
• Bank Identity Statement (RIB) of the attached bank account, where applicable;
• nature and reference of the identification document used at account opening (National ID/Passport, or equivalent);
• date of account opening;
• last date of client manifestation;
• value of the securities portfolio and its valuation date;
• value of cash assets at the aforementioned valuation date;

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13/07 Instruction No. 71 /2023/AMF-UMOA

• total portfolio value at the aforementioned valuation date.

Account Keepers also transmit a summary statement of assets transferred to the CDC during the relevant month.

Account Keepers transmit the information mentioned in this article to the CDC in electronic format.

Article 19: Billing of Fees on Transfer Operations

Account Keepers are not authorized to charge fees related to the consignment formalities of inactive assets, particularly securities transfer fees. However, transfer fees charged by the DC/BR may be charged to the debit of the concerned accounts.

However, in the absence of provisions on the client's cash account, transfer fees charged by the DC/BR will be borne by the Account Keeper.

Article 20: Closure of Account and Extinction of Account Keeper's Obligations

The transfer of assets from the inactive account provided in Article 17 above automatically results in the free-of-charge closure of the holder's account registered with the Account Keeper.

Unless in case of error or fault by the Account Keeper, the transfer to the Deposit and Consignment Fund of assets from an inactive account releases the Account Keeper from all obligations towards the holder, authorities, and third parties.

Article 21: Retention of Documents and Supporting Evidence for Account Operations

Account Keepers retain copies of account opening documents and supporting evidence of client account operations until the restitution or prescription of consigned assets with the Deposit and Consignment Fund.

Article 22: Prescription of Assets

Securities and cash assets held in inactive accounts are prescribed after thirty (30) years of inactivity, i.e., after ten (10) years in an Account Keeper's books and twenty (20) years in a member State's Deposit and Consignment Fund. Upon expiration of the thirty-year prescription, the aforementioned assets fall into public property and are distributed as follows: 70% to the Deposit and Consignment Fund of the State of the account holder's nationality for non-UEMOA nationals, and 30% to the Regional Financial Market Investors Protection and Financial Education Fund.

Furthermore, unclaimed assets that have accumulated ten (10) years in an Account Keeper's books fall into public property in the same proportions as those set out in the first paragraph of this article.

Conversely, for countries that do not yet have a Deposit and Consignment Fund, prescribed assets as well as unclaimed assets that have accumulated ten (10) years

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13/08 Instruction No. 71 /2023/AMF-UMOA

years in an Account Keeper's books are remitted to the Public Treasury and the Regional Financial Market Investors Protection Fund, in the same proportions and following the same criteria defined in the first paragraph above.

TITLE IV: INFORMATION OBLIGATIONS

Article 23: Periodic Information Transmission to AMF-UMOA

Account Keepers must transmit, no later than thirty (30) calendar days following the end of each quarter, a detailed statement outlining the status of inactive accounts and unclaimed assets as of the last day of the previous quarter.

Account Keepers must transmit, no later than thirty (30) calendar days after the end of each fiscal year, a detailed report on the status of inactive accounts and unclaimed assets in their books as well as on search actions undertaken.

Article 24: Content of Information to be Transmitted to AMF-UMOA

Annex 1 attached, which forms an integral part of this Instruction, presents the format of quarterly statements on the status of inactive accounts and unclaimed assets as of the last day of the previous quarter.

Annex 2 attached, which forms an integral part of this Instruction, specifies the presentation format for the detailed report on the status of inactive accounts and unclaimed assets that Account Keepers must transmit to AMF-UMOA.

TITLE V: TRANSITIONAL AND FINAL PROVISIONS

Article 25: Transitional Provisions

Account Keepers approved before the effective date of this Instruction have a maximum period of six (06) months, from its entry into force, to comply with its provisions.

Any non-compliance with the provisions of this Instruction within a maximum period of six (06) months from its entry into force is subject to administrative and disciplinary sanctions, up to the withdrawal of approval.

Account Keepers have a period of one (01) year from the entry into force of this Instruction to conduct searches for holders of inactive accounts and update their client database.

Upon expiration of this period, the provisions of this Instruction must be fully applied.

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Furthermore, Account Keepers that have already recorded inactivity of at least ten (10) years on certain accounts must immediately initiate the consignment procedure for said assets with the Deposit and Consignment Fund of their country's seat.

Account Keepers holding unclaimed assets for at least ten (10) years in their books must transfer said assets to the Deposit and Consignment Fund and the Regional Financial Market Investors Protection and Financial Education Fund, within a maximum period of six (06) months from the effective date of this Instruction.

Article 26: Entry into Force

This Instruction enters into force as of its signature date.

It will be published...