Regulatory Alerts2026-02-01
CIRCULAR No. 01/AML-CFT/2026 on Customer Identification, Identity Verification, and Due Diligence for Banking Law Entities, issued under Regulation No. 02/2026 on AML/CFT
The Bank of the Republic of Burundi issued Circular No. 01/AML-CFT/2026, detailing comprehensive procedures for customer identification, identity verification, and due diligence for all entities subject to banking law. It specifies required documentation for various client types, including natural persons, legal entities, clubs, charities, occasional clients, safe deposit box renters, correspondent banks, mandated third parties, and beneficial owners. The circular further mandates a risk-based approach for classifying money laundering and terrorist financing risks, allowing for simplified or enhanced due diligence measures, and requires continuous updating of client information throughout the business relationship.
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