Regulatory Alerts2024-10-10
Added · Updated
Instruction n°59/2019/AMF-UMOA/REVISED on the Fight Against Money Laundering, Terrorism Financing and Proliferation of Weapons of Mass Destruction within UMOA Regional Financial Market Actors
Instruction n°59/2019/AMF-UMOA/REVISED establishes the regulatory framework for combating money laundering, terrorism financing, and proliferation of weapons of mass destruction within the UMOA regional financial market. It defines key terms such as beneficial owners, virtual assets, and underlying crimes, and mandates that regulated market actors implement internal AML/CFT/FP devices based on a risk-based approach. The instruction outlines specific obligations for identifying and verifying clients and beneficial owners, including a 25% threshold for ownership or control, and sets forth the legal definitions for money laundering, terrorism financing, and proliferation financing infractions.