Regulatory Alerts2023-08-24
Instruction N°59/2019/CREPMF on the Fight Against Money Laundering and Terrorism Financing for Approved Actors of the UMOA Regional Financial Market
The Regional Council for Public Savings and Financial Markets (CREPMF) of the West African Monetary Union (UMOA) issued Instruction N°59/2019 to specify the application modalities for the uniform law on combating money laundering, terrorism financing, and proliferation financing. This instruction applies to approved actors within the UMOA Regional Financial Market, detailing their general due diligence obligations such as client identification, record retention for ten years, and specific monitoring of certain transactions. It further outlines enhanced due diligence requirements, including the tracking of atypical financial operations and specific obligations for occasional financial transactions exceeding defined thresholds.
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