Regulatory Alerts2024-09-17
Regulation No. 72/2023 on Administrative Sanctions for AML-CFT/CPF Non-Compliance
The National Bank of Rwanda issued Regulation No. 72/2023 to establish a structured framework for imposing administrative sanctions on regulated institutions, board members, and senior managers for non-compliance with anti-money laundering, counter-terrorist financing, and countering proliferation of weapons of mass destruction (AML-CFT/CPF) requirements. The regulation categorizes institutions into seven risk-based tiers and empowers the Central Bank to apply proportionate penalties, including written warnings, dividend bans, operational suspensions, license revocations, and pecuniary fines based on violation severity and institutional size. It further outlines enforcement procedures, disclosure obligations, recourse mechanisms for sanctioned entities, and the formal repeal of prior sanction regulations to ensure consistent regulatory oversight across Rwanda’s financial sector.