Regulatory Alerts2017-09-25
BCEAO Instruction 007-09-2017 on Financial Institutions' Application of the UEMOA Anti-Money Laundering and Counter-Terrorist Financing Law
The Central Bank of West African States (BCEAO) issued Instruction 007-09-2017 to mandate financial institutions, including credit entities, decentralized financial systems, and electronic money issuers, to implement comprehensive internal anti-money laundering and counter-terrorist financing programs. The instruction requires these institutions to establish robust risk assessment frameworks, dedicated compliance structures, and real-time information systems capable of filtering transactions and generating suspicious activity reports to the National Financial Intelligence Unit (CENTIF). Furthermore, it enforces strict internal controls, mandatory staff training, annual reporting obligations, and defined sanctions for non-compliance to ensure consistent regulatory adherence across UEMOA member states.