Regulatory Alerts2023-01-19
Instruction No. 109/DGSIF/DSB of January 11, 2023 on the Application Modalities by Financial Institutions of the Law on Combating Money Laundering and Terrorist Financing in the Republic of Guinea
The Central Bank of the Republic of Guinea (BCRG) has issued Instruction No. 109 to mandate financial institutions to implement a risk-based approach for complying with Guinea's anti-money laundering and counter-terrorist financing laws. The directive requires institutions to establish robust governance frameworks, conduct comprehensive internal risk assessments, and deploy detailed internal prevention programs and customer due diligence procedures tailored to their specific risk profiles. Compliance is strictly enforced through mandatory board approval, regular internal audits, and strict adherence to reporting, record-keeping, and cooperation obligations with financial intelligence and law enforcement authorities.
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