Regulatory Alerts2022-07-01
Instruction No. 001/2022-CSBF Amending and Complementing Certain Provisions of Instruction No. 006/2007-CSBF on the Prevention and Fight Against Money Laundering and Terrorist Financing
The Banking and Financial Supervision Commission (CSBF) of Madagascar issued Instruction No. 001/2022-CSBF to amend and supplement the national anti-money laundering and counter-terrorist financing framework, requiring regulated institutions to adopt risk-based policies, appoint dedicated compliance officers, and implement rigorous client identification and transaction monitoring protocols. The directive mandates enhanced due diligence for occasional clients, remote onboarding, politically exposed persons, and non-profit organizations, while enforcing strict record-keeping, internal reporting thresholds, and automated surveillance systems for electronic money transactions. Additionally, it clarifies group-level compliance obligations, requires annual program evaluations, and establishes direct reporting lines to the Financial Intelligence Service (SAMIFIN) and the CSBF to strengthen regulatory oversight.