Regulation No. 088.2019/LBC-FT on Foreign Currency Deposit Procedures

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REPUBLIC OF GUINEA CENTRAL BANK

Conakry, September 4, 2019

REGULATION NO. 088.2019/LBC-FT ON PROCEDURES FOR FOREIGN CURRENCY DEPOSITS WITH THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

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, Law No. L/2006/010/AN of October 24, 2007, on combating money laundering in the Republic of Guinea;

Whereas, Law No. L/2014/N010/AN of May 31, 2014 on combating the financing of terrorism in the Republic of Guinea;

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

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

HEREBY DECIDES

Article 1: This regulation covers the conditions for accepting foreign currency deposits made by banks and other clients at the Main Agency Department of the BCRG.

To this end, it establishes the minimum criteria for assessing the acceptability of foreign currency cash deposits, namely:

• the availability and reliability of supporting documents regarding the source of funds offered for deposit;
• the effective implementation by depositors of preventive measures and/or recommendations of the BCRG regarding money laundering and terrorist financing (LBC/FT).

Article 2: It applies to all foreign currency cash deposits and aims to ensure that customer due diligence measures, which form the basis of an effective LBC/FT framework, are followed by depositors.

Article 3: For any foreign currency cash deposit with the BCRG, the bank must demonstrate that it has fulfilled sufficient

1 P.O. Box No. 692 - Conakry - Phone: (+224) 664 67 77 77 Fax: +224 669 08 88 88 - E-mail: secretariat.gouv@bcrg-guinee.org www.bcrg-guinee.org / 6, Boulevard du commerce C/Kaloum

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customer due diligence. Thus, the acceptance of foreign currency deposits is subject to:

1. the email submission to the Central Bank, within 48 hours prior to the effective date of the foreign currency deposit, of the electronic version of the cash deposit declaration, the template of which is designed and made available to banks;
2. the bank's complete provision of all required information, including reliable and precise details on the source of funds (the client's name, the foreign exchange bureau that supplied the currency, as well as the reference number of the currency sale transaction to the client...);
3. the signing of the cash deposit declaration template by the bank's management, whose signature is accredited at the BCRG.

Article 4: For any foreign currency cash deposit with the BCRG, other categories of clients must provide valid supporting documents regarding the source of funds.

Article 5: Funds offered for deposit at the BCRG with insufficient supporting documents are placed in a suspense account and will only serve as coverage for the depositor client's position after the submission of the necessary supporting documents.

Article 6: The reclassification of funds into the suspense account is subject to the prior opinion of the BCRG's LBC/FT Committee.

Article 7: The return of unused foreign currency funds must be accompanied by the statement from the register of foreign currency cash movements.

Article 8: This regulation, effective as of its signature date, repeals all prior contrary provisions and shall be published wherever necessary.

[Signature/Seal]

Dr. Louncény NABE

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