Regulatory Alerts2020-02-01
Norms on AML/CFT Applicable to Inclusive Financial Institutions
The Central Bank of the Republic of Guinea issued this instruction to establish comprehensive anti-money laundering and counter-terrorist financing (AML/CFT) standards for inclusive financial institutions, encompassing microfinance entities, electronic money establishments, and postal financial services. The directive mandates strict customer due diligence, risk-based surveillance of politically exposed persons and non-cooperative jurisdictions, and robust internal governance structures with dedicated compliance officers and automated filtering systems. Additionally, it defines specific operational ceilings for electronic money accounts, requires annual compliance reporting to the central bank, and sets transitional deadlines for embargo list implementation and unique financial identifier integration.