Regulatory Alerts2023-07-04
Instruction No. 001/2023-CSBF amending Instruction No. 006/2007-CSBF on the prevention and fight against money laundering and terrorist financing, as amended by Instruction No. 001/2022-CSBF of June 27, 2022
The Banking and Financial Supervision Commission (CSBF) of Madagascar issued Instruction No. 001/2023-CSBF to amend and supplement its 2007 Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework. The revised rules mandate enhanced client identification procedures, including mandatory collection of mobile phone numbers and profession, stricter verification for corporate entities and trusts, and risk-based client classification with low, medium, or high ratings. Additionally, the instruction imposes enhanced due diligence for politically exposed persons, non-profit organizations, and life insurance beneficiaries, while standardizing wire transfer data requirements and extending document retention periods to a minimum of five years.