Regulatory Alerts2025-03-01
Regulation No. 108/2022 on the Release of Export Revenues from Precious Materials in Favor of Approved Counters
The Central Bank of the Republic of Guinea issued Regulation No. 108/2022 to establish monitoring procedures for precious materials shipments and the repatriation of related export revenues to approved counters. The regulation mandates that banks, the Precious Materials Directorate, and Internal Control verify documentation, Swift messaging, and fund origins before authorizing fund releases, while requiring counters to adhere to strict repatriation deadlines. Non-compliance triggers operational suspensions and compliance reviews, with the bank's Compliance Cell tasked to analyze alerts and conduct monthly post-controls to ensure adherence to anti-money laundering and counter-terrorist financing standards.
Share