Instruction No. 15 bis to Credit Institutions and Financial Companies on Derogations for Cash or Bearer Transactions of USD 10,000 (Modification No. 4)

BANQUE CENTRALE DU CONGO

THE GOVERNOR

INSTRUCTION NO. 15 BIS TO CREDIT INSTITUTIONS AND FINANCIAL COMPANIES REGARDING THE DEROGATION FROM LEGAL PROVISIONS PROHIBITING ANY CASH OR BEARER INSTRUMENT TRANSACTION OF AN AMOUNT IN CONGOLESE FRANCS OR OTHER CURRENCY GLOBALLY EQUAL TO OR EXCEEDING THE EQUIVALENT OF USD 10,000

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(Modification No. 4)

The Banque Centrale du Congo;

Having regard to the Organic Law No. 18/027 of December 13, 2018, on the organization and functioning of the Banque Centrale du Congo, particularly Articles 10, 11, and 25;

Having regard to Law No. 22/068 of December 27, 2022, on the fight against money laundering and terrorist financing and the proliferation of weapons of mass destruction, particularly Article 23;

Having regard to Law No. 22/069 of December 27, 2022, on the activity and supervision of Credit Institutions;

Decrees the following provisions:

TITLE I: GENERAL PROVISIONS

CHAPTER 1: OBJECTIVE

Article 1:

This Instruction aims to establish the exceptional cases and conditions required for the settlement in cash or by bearer instrument by "covered institutions" of a transaction involving an amount in Congolese Francs or other currency globally equal to or exceeding the equivalent of USD 10,000 (Ten Thousand United States Dollars).

CHAPTER 2: SCOPE OF APPLICATION

Article 2:

This Instruction applies to the credit institutions and financial companies listed below, referred to as "covered institutions":

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(i) credit institutions:

• banks;
• savings banks;
• microfinance companies;
• credit and savings cooperatives;

(ii) financial companies:

• leasing companies;
• factoring companies;
• guarantee companies;
• micro-credit enterprises;
• exchange offices;
• payment institutions, including payment instrument issuers, electronic money institutions, and financial messaging services;
• specialized financial institutions, including development banks and investment banks.

Article 3:

It shall also apply to any approved structure whose nature of activities makes it subject to the prerogatives entrusted to the Banque Centrale du Congo.

CHAPTER III: DEFINITIONS

Article 4:

For the purposes of this Instruction, the following terms are defined as:

• served financial institution zone "covered institution": a geographical area, namely a locality, sector, territory, or city equipped with a covered institution, banking agent, or payment device such as Automated Teller Machines (ATMs) or Bank Cash Dispensers (BCDs), in accordance with the list of served geographical areas published by the BCC;
• unserved financial institution zone "covered institution": a geographical area, namely a locality, sector, territory, or city lacking a covered institution, banking agent, or payment device such as Automated Teller Machines (ATMs) or Bank Cash Dispensers (BCDs), in accordance with the list of served geographical areas published by the BCC;

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• CENAREF: National Financial Intelligence Unit.
• transaction: refers to various banking operations, namely deposit collection, credit granting, and payment instrument management.

TITLE II: EXCEPTIONAL CASES AND CONDITIONS

Article 5:

Any cash or bearer instrument transaction involving an amount equal to or exceeding the equivalent in Congolese Francs of USD 10,000 (Ten Thousand United States Dollars) or in any other currency is authorized when:

• it is intended to be settled in zones not served by covered institutions;
• it is carried out by a bank, for operational needs particularly at counters, in favor of a credit and savings cooperative, a microfinance company, a micro-credit enterprise, a financial messaging service, an exchange office, or a banking agent. In this case, the covered institution is required to carry out all due diligence related to the obligation of vigilance and transaction monitoring in accordance with the provisions of Instruction No. 15 of the Banque Centrale du Congo. However, if the covered institution identifies a suspicious transaction, it must submit a suspicion report to CENAREF.

When the deposit transaction is carried out by a client for an amount exceeding the figure indicated in paragraph 1 of this Article, the covered institution is required, with regard to the obligation of vigilance, to carry out all necessary due diligence aimed primarily at identifying and monitoring its transactions to ensure the lawful origin of deposited funds and, where applicable, to detect suspicious transactions.

Article 6:

The covered institution is required, before carrying out any transaction in accordance with the exceptional conditions indicated in Article 5 of this Instruction, to carry out all due diligence related to the obligation of vigilance, namely customer identification and monitoring of unusual transactions.

Within the framework of this obligation of vigilance, the covered institution submits this transaction for specific review and ensures that it is not carried out under unusual or unjustified complexity conditions, or appearing to lack economic justification or lawful purpose. It also ensures, before settling transactions requested by its clients, the adequacy between the economic profile of the beneficial owner and the history of transactions carried out in their bank account.

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Article 7:

When, following the due diligence mentioned in Article 6 of this Instruction, the covered institution has not detected any anomalies regarding the identity of the client or beneficial owner nor the nature of the transaction, it authorizes the transaction and informs CENAREF in writing through a confidential report containing all information in accordance with Article 54 of the law on the fight against money laundering and terrorist financing and the proliferation of weapons of mass destruction.

Article 8:

The derogation concerns, until further notice, the settlement in cash or by bearer instrument of transactions carried out by both natural and legal persons regularly established in zones served or not served by the covered institutions and operating there legally.

Article 9:

The covered institution is not required to obtain prior approval from the Banque Centrale du Congo before settling a transaction in accordance with the conditions indicated in Article 5 of this Instruction.

The covered institution rules on the client's request by carrying out the required due diligence and provides a response to the latter without referring them to the Banque Centrale du Congo to request any derogation that it is not authorized to grant.

TITLE IV: DIVERSE AND FINAL PROVISIONS

Article 10:

Any failure to comply with the provisions of this Instruction is subject to sanctions provided by the relevant legal and regulatory texts.

Article 11:

This Instruction repeals all prior provisions contrary to it and enters into force on the date of its signature.

Done in Kinshasa, on 01 SEP. 2023

MALANGU KABEDI MBUYI Governor