BCRG Regulation No. 095/2021 on International Transfer Requirements for Counterparties

[Logo: BCRG CENTRAL BANK OF THE REPUBLIC OF GUINEA]

Conakry, June 25, 2021

REGULATION NO. 095/2021/BCRG
ON THE REQUIREMENTS OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA REGARDING INTERNATIONAL TRANSFERS IN FAVOR OF ITS COUNTERPARTIES

THE GOVERNOR

Having regard to Law No. L/2017/017/AN of June 8, 2017 establishing the Statute of the Central Bank of the Republic of Guinea;

Having regard to Law No. L/2006/010/AN of October 24, 2007, on the fight against money laundering in the Republic of Guinea;

Having regard to Law No. L/2010/010/AN of May 31, 2014, on the fight against terrorist financing in the Republic of Guinea;

Having regard to Decree No. D/2010/010/PRG/SGG of December 27, 2010 appointing the Governor of the Central Bank;

Having regard to Decision No. 028/DGSIF/DSB of August 13, 2014 organizing the framework for combating money laundering and terrorist financing at BCRG.

HEREBY DECIDES:

Article 1: This Regulation applies to all international transfers (issued or received) in favor of BCRG’s counterparties (Public, Parapublic and Private Entities, Diplomatic Institutions, NGOs, Financial Institutions, Individuals, etc.). It does not apply to domestic interbank transfers.

Article 2: For any international transfer issued or received on BCRG accounts held with its Banking Correspondents, the initiator or beneficiary must be able to provide all supporting documents upon request by BCRG’s competent departments. Accordingly, BCRG’s acceptance of an international transfer issued or received in favor of one of its counterparties shall be conditional upon the fulfillment of the following due diligence measures:

1. the initiator or beneficiary must first submit to BCRG’s competent departments a copy of any supporting document enabling an assessment of the transaction's compliance with the purpose stated in the transfer request or SWIFT message;

2. the documents generally accepted by BCRG as supporting evidence for transactions include, among others: copies of invoices, contracts, or any other documents related to the transaction;

3. the international transfer (issued or received) shall be processed only after supporting documents have been received and deemed sufficient by BCRG’s competent departments. In the absence of such supporting documents, the transaction shall be rejected or remain pending for fifteen (15) days, which is the period granted to the initiator or beneficiary to provide additional information necessary to justify the transaction;

4. BCRG’s Foreign Exchange Operations Department must report to the Compliance Unit (Compliance and DGCP) via the internal control service attached to DGCC all cases of pending execution of transfers due to missing, insufficient, or inconsistent supporting documents;

5. the resumption of execution for an international transfer (issued or received) previously deemed non-compliant due to missing or insufficient supporting documents is subject to the prior opinion of the Compliance Unit (Compliance and DGCP), which must rule on the new supporting documents provided by the transaction's initiator or beneficiary.

Article 3: The processing of alerts from a BCRG banking correspondent or issued by a screening tool is also subject to the provisions of this Regulation. Where applicable, additional supporting documents may be required, in accordance with correspondent requirements.

Article 4: This Regulation, effective as of its signature date, repeals all prior contrary provisions and shall be published wherever necessary.

[Stamp: CENTRAL BANK OF THE REPUBLIC OF GUINEA - The Governor]

Dr. Lounceny NABE