Regulatory Alerts2023-12-28
Decision No. 127 on the RMA Key Exchange Procedure
The Central Bank of the Republic of Guinea issued Decision No. 127 to establish a standardized procedure for managing Relationship Management Application (RMA) key exchanges between the central bank and domestic or foreign financial institutions. The directive mandates that the Foreign Exchange Operations Department, Compliance Unit, and Payment Systems Department coordinate to conduct compliance due diligence, validate technical participation in the RTGS system, and execute SWIFT-based RMA key exchanges through formalized memoranda and committee approvals. Furthermore, it establishes an annual review mechanism for key revocations and requires comprehensive archival of all relationship documentation to ensure operational continuity and regulatory oversight.
[Logo: BCRG - CENTRAL BANK OF THE REPUBLIC OF GUINEA]
Decision No. 127 on the RMA Key Exchange Procedure
Conakry, December 27, 2023
THE GOVERNOR
WHEREAS, Law No. L/2017/017/AN of June 8, 2017, repealing Law No. L/2016/064/AN of November 9, 2016, itself amending Law No. L/2014/016/AN of July 2, 2014 establishing the statute of the Central Bank of the Republic of Guinea;
WHEREAS, Decree No. D/2021/0147/PRG/CNRD of November 25, 2021 regarding the appointment of the Governor of the Central Bank of the Republic of Guinea;
WHEREAS, the operational necessities;
HEREBY DECIDES:
ARTICLE 1: OBJECTIVE
A procedure is established at the Central Bank of the Republic of Guinea describing the process for establishing relationships between the BCRG and a bank or financial institution.
The Relationship Management Application (RMA) is an application service provided by SWIFT that enables financial institutions wishing to establish a relationship to control the data they exchange.
The RMA key exchange procedure aims to harmonize and ensure the continuity of operational processing between the BCRG and a bank or financial institution.
ARTICLE 2: SCOPE OF APPLICATION
This procedure applies solely to the establishment of relationships concerning bank accounts and foreign correspondent accounts held at the BCRG.
ARTICLE 3: ROLES OF BCRG ENTITIES
The entities involved in implementing this procedure are: the Foreign Exchange Operations Department (DOC), the Compliance Unit (CC), and the Payment Systems and Means Department (DSMP).
3.1. Foreign Exchange Operations Department (DOC)
It receives all relationship requests from foreign banks and institutions, endorsed by the Governor's Office. It prepares a memorandum for the Governor's Office to authorize the transmission of the file to the Permanent Control Directorate/Compliance Unit for implementing the relevant compliance due diligence.
3.2. Compliance Unit (CC)
Following the Governor's Office approval, the file is transmitted by the DOC to the Compliance Unit to conduct formal due diligence related to the requesting entity. During this stage, KYC documents are exchanged between the compliance units of both entities.
At the end of the process, the Compliance Unit transmits to the DOC a summary memorandum of the due diligence results, annotated by the Governor's Office. The document is then attached to other file elements and submitted by the DOC to the Investment Committee (IC) for validation, followed by the Strategic Steering Committee (SSC) for approval.
Following IC validation and SSC approval, the DOC transmits to the BCRG Governor's Office, via a summary memorandum, the authorization for the effective establishment of the relationship between the BCRG and the concerned banking or financial institution.
Thus, the DOC establishes a relationship with the concerned entity via SWIFT messaging through RMA key exchanges.
3.3. Payment Systems and Means Department (DSMP)
The DSMP receives all relationship requests with the BCRG from local banks or financial institutions wishing to participate in the RTGS system, endorsed by the Governor's Office. It prepares a memorandum for the Governor's Office to authorize the RMA key exchange between the BCRG and the concerned financial institution.
Following the Governor's Office authorization, the DSMP transmits to the DOC a copy of the technical note validated by the BCRG Governor's Office regarding the requester's participation in the RTGS system, indicating that all technical, legal, and functional due diligence has been completed according to the participant's chosen mode of participation.
This technical note is transmitted to the DOC via a transmittal form.
Thus, based on this technical note and the participant's official request addressed to the Governor, the DOC executes the RMA key exchange between the BCRG and the concerned bank or financial institution.
ARTICLE 4: REVOCATION OF RMA KEYS
For the revocation of RMA keys, the DOC informs, through a statement of grounds, the Investment Committee and the Strategic Steering Committee, respectively for validation and approval of the revocation. This notification to said bodies occurs following the DOC's annual RMA key review, which may eventually lead to key revocations.
All documentation regarding the establishment and revocation of relationships must be archived by both the Compliance Unit and the DOC to facilitate future reference.
ARTICLE 5: PROCEDURE REVIEW
This RMA key exchange procedure shall be subject to annual review or as needed, depending on changes in the working environment.
ARTICLE 6: ENTRY INTO FORCE
This decision, effective as of its signing date, shall be published where necessary.
[Signature] Dr. Karamo KABA
12, Boulevard du Commerce, 6th Avenue of the Republic C/Kaloum - P.O. Box 692 - Conakry - Republic of Guinea Tel: (+224) 664 67 77 77 - Fax: (+224) 669 08 88 88 - Email: secretariat.gouv@bcrg-guinee.org www.bcrg-guinee.org