Regulatory Alerts2023-09-05
Instruction No. 15 bis to Credit Institutions and Financial Companies on Derogations for Cash or Bearer Transactions of USD 10,000 (Modification No. 4)
The Banque Centrale du Congo issued Instruction No. 15 bis (Modification No. 4) to authorize credit institutions and financial companies to settle cash or bearer instrument transactions of USD 10,000 or more in covered and unserved zones without prior central bank approval. The regulation mandates that covered institutions perform enhanced due diligence, including customer identification and transaction monitoring, to verify the lawful origin of funds and detect suspicious activities before settlement. Furthermore, institutions must report authorized transactions to the National Financial Intelligence Unit (CENAREF) via confidential reports and remain subject to existing legal sanctions for non-compliance.
Share