Regulatory Alerts2023-01-19
Instruction No. 111/DGSIF/DSB of January 11, 2023 Setting the Threshold for Special Surveillance of Certain Operations
The Central Bank of the Republic of Guinea (BCRG) issued Instruction No. 111/DGSIF/DSB to establish a 150 million Guinean franc threshold for reporting cash transactions and electronic transfers to the National Financial Intelligence Processing Unit (CENTIF). The directive mandates systematic reporting for all cross-border operations involving FATF-designated high-risk countries and applies to financial institutions, designated non-financial businesses and professions, and virtual asset service providers. Non-compliance with these reporting obligations triggers penalties under Guinea’s anti-money laundering and counter-terrorist financing law, with the instruction taking effect immediately upon signature.
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