AMF-UMOA

AUTORITÉ DES MARCHÉS FINANCIERS DE L'UNION MONÉTAIRE OUEST AFRICAINE

INSTRUCTION N°59/2019/AMF-UMOA/REVISED

RELATIVE TO THE FIGHT AGAINST MONEY LAUNDERING, TERRORISM FINANCING AND THE PROLIFERATION OF WEAPONS OF MASS DESTRUCTION WITHIN ACTORS OF THE UMOA REGIONAL FINANCIAL MARKET

The Authority of Financial Markets of the West African Monetary Union,

Having regard to the Treaty of the West African Monetary Union of January 20, 2007, as amended by the Treaty of July 12, 2019, in its provisions relating to the modification of the name of the Regional Council for Public Savings and Financial Markets (CREPMF) into the Authority of Financial Markets of the West African Monetary Union (AMF-UMOA);

Having regard to the Convention of July 3, 1996 establishing the AMF-UMOA, particularly its Annex on the composition, organization, functioning and powers of the Regional Council for Public Savings and Financial Markets;

Having regard to General Regulation n°001/97 of November 28, 1997 relating to the Organization, Functioning and Control of the UMOA Regional Financial Market, together with its modifications;

Having regard to Directive n°01/2023/CM/UEMOA of March 31, 2023 relating to the fight against money laundering, terrorism financing and the proliferation of weapons of mass destruction in the member states of the West African Economic and Monetary Union (UEMOA);

Having regard to Decision n°04/31/03/2023/CM/UMOA of March 31, 2023 adopting the draft Uniform Law relating to the fight against money laundering, terrorism financing and the proliferation of weapons of mass destruction in the member states of the West African Monetary Union (UMOA);

Having regard to Decision N°CM/SJ/001/03/2016 of March 24, 2016 relating to the implementation of the device of pecuniary sanctions applicable on the UMOA Regional Financial Market;

Having regard to Decision N° 021 of 21/12/2023/CM/UMOA setting the amounts of thresholds for the implementation of the Uniform Law relating to the Fight Against Money Laundering, Terrorism Financing and Proliferation of Weapons of Mass Destruction in the Member States of the UMOA;

Having regard to Decision n°CM/04/03/2024 of March 28, 2024 appointing the President of the Authority of Financial Markets of the UMOA;

Having regard to the deliberations of the AMF-UMOA College at its 103rd ordinary session held on July 19, 2024;

Considering the role that licensed actors of the UMOA Regional Financial Market must play in the effective functioning of the device to combat money laundering, terrorism financing and the proliferation of weapons of mass destruction in the Union;

Considering that the use of licensed actors of the Regional Financial Market for money laundering, terrorism financing and the proliferation of weapons of mass destruction is likely to compromise the stability and reliability of the financial system in general;

Considering that the variability of the risk of money laundering, terrorism financing and the proliferation of weapons of mass destruction requires the application of a risk-based approach, which implies decision-making based on evidence, in order to better target the risks of money laundering, terrorism financing and the proliferation of weapons of mass destruction likely to threaten the Union as well as the actors of the UMOA Regional Financial Market;

Mindful of ensuring better application, by the actors of the UMOA Regional Financial Market, of the legislation of the member states of the Union in matters of combating money laundering, terrorism financing and the proliferation of weapons of mass destruction;

HAS ADOPTED

TITLE I: GENERAL PROVISIONS

Article 1: Definitions

For the purposes of this Instruction, the following terms shall mean:

AMF-UMOA: Authority of Financial Markets of the UMOA;
Regional Financial Market Actor: any natural or legal person who has received the status of market structure or commercial intermediary, by approval or authorization from the Authority of Financial Markets of the UMOA (AMF-UMOA);
Supervisory Authorities: the competent authorities empowered by a treaty, law or regulation to ensure compliance by the persons subject to their obligations in matters of combating money laundering, terrorism financing and the proliferation of weapons of mass destruction set by this Instruction. The Supervisory Authorities include in particular the financial sector supervisory authorities and the non-financial sector supervisory authorities, including self-regulatory organizations;
Virtual Asset: the digital representation of a value that can be exchanged or transferred by a digital process. Virtual assets do not include digital representations of fiat currencies;
Criminal Activity: any criminal or delinquent act constituting an underlying offense to money laundering, terrorism financing and the proliferation of weapons of mass destruction, namely:
- participation in an organized criminal group and participation in racketeering;
- terrorism, including its financing;
- trafficking in human beings and illicit trafficking in migrants;
- sexual exploitation, including the diversion and exploitation of minors;
- illicit trafficking in narcotic drugs and psychotropic substances;
- illicit trafficking in arms;
- illicit trafficking in stolen goods and other goods;
- corruption and extortion;
- misappropriation of funds by persons holding public office;
- fraud;
- counterfeiting of currency;
- counterfeiting of goods, including currency or banknotes, and product piracy;
- trafficking in organs;
- environmental offenses;
- murder and serious bodily injury;
- kidnapping, hostage-taking and abduction;
- theft;
- smuggling, including in particular that relating to taxes and customs and excise duties;
- tax offenses;
- extortion;
- forgery and use of forged documents;
- piracy;
- insider dealing and market manipulation;
- any other crime or offense.
ML/TF/FP: Money Laundering, Terrorism Financing and Proliferation of Weapons of Mass Destruction;
Money Laundering Offense: The following acts, committed intentionally, are considered money laundering offenses:
i. the conversion or transfer of property, by any person who knows or should have known that such property originates from a crime or offense or participation in a crime or offense, with the aim of concealing or disguising the illicit origin of said property, or of helping any person involved in this activity to escape the legal consequences of their acts;

ii. the concealment or disguise of the true nature, origin, location, disposition, movement or ownership of property or rights relating thereto, by any person who knows or should have known that such property originates from a crime or offense or participation in a crime or offense;
iii. the acquisition, possession or use of property, by the person who does so, knowing or should have known, at the time of receipt, that such property originates from a crime or offense or participation in a crime or offense;
iv. participation in one of the acts referred to in points i), ii) and iii), associating oneself to commit it, attempting to commit it, helping or inciting someone to commit it or advising them to this end, or facilitating the execution of such an act.

Money laundering is established even:
a. if the facts are committed by the perpetrator of the money laundering or attempted money laundering of the proceeds of an offense that he himself committed; b. in the absence of prior prosecution or conviction for an underlying offense;
c. if a condition for bringing legal action is missing following the commission of said crimes or offenses;
d. if the activities at the origin of the property to be laundered are carried out on the territory of another UMOA member state or that of a third state.

Knowledge or intent, as elements of the aforementioned activities, may be inferred from objective factual circumstances.

Property: assets of any nature, corporeal or incorporeal, movable or immovable, tangible or intangible, fungible or non-fungible as well as documents or legal instruments in whatever form, including electronic or digital, attesting to the ownership of such assets or rights relating thereto as well as interests on said assets, namely credits, traveler's checks, checks, money orders, shares, securities, bonds, bills of exchange or letters of credit as well as any interest, dividends or other revenues or values derived from or generated by such assets;
Beneficial Owner: the natural person or persons who, ultimately, own or control the client, the client's agent or the beneficiaries of life insurance contracts, and/or the natural person or persons for whom an operation is carried out or a business relationship is established. The following are considered to ultimately own or control the client, the client's agent or the beneficiary of a legal person or legal structure:
a. in the case of a company, the natural person or persons who, either directly or indirectly, hold more than twenty-five percent (25%) of the capital or voting rights of the company, or exercise, by any other means, a power of control over the management, administration or direction bodies of the company or over the general assembly of its partners;

b. in the case of a collective investment scheme, the natural person or persons who, either directly or indirectly, hold more than twenty-five percent (25%) of the shares or units of the scheme, or exercise a power of control over the administration or management bodies of the collective investment scheme or, where applicable, the management company or portfolio management company representing it;

c. in the case of a legal person that is neither a company nor a collective investment scheme, or when the client acts within the framework of a trust or any other comparable legal structure subject to foreign law, the natural person or persons who meet one of the following conditions:
i. they are destined, by virtue of a legal act designating them for this purpose, to become holders of rights carrying at least twenty-five percent (25%) of the assets of the legal person or of the assets transferred to a fiduciary estate or to any other comparable legal structure subject to foreign law;
ii. they belong to a group in whose main interest the legal person, the trust or any other comparable legal structure subject to foreign law was constituted or produced its effects, when the natural persons who are the beneficiaries have not yet been designated;
iii. they are holders of rights carrying at least twenty-five percent (25%) of the assets of the legal person, the trust or any other comparable legal structure subject to foreign law;
iv. they have the status of settlor, trustee or beneficiary, in accordance with the legislative and regulatory texts in force.

For transactions on the regional financial market, beneficial owners are considered to be the natural person or persons who, ultimately, own or control the client, in particular the client's agent or the beneficiaries of financial contracts, and/or the natural person or persons for whom an operation is carried out or a business relationship is established;

Legal Structures: express trusts or similar legal structures;
Occasional Client: any person who approaches a Regional Financial Market Actor, for the exclusive purpose of preparing or carrying out a one-off operation or being assisted in the preparation or carrying out of such an operation, whether that operation is carried out in a single operation or in several operations appearing to be linked to each other;
CENTIF: National Financial Intelligence Unit;
CIMA: Interafrican Conference of Insurance Markets;
Internal AML/CFT/FP Device: set of written AML/CFT/FP policies and procedures, approved by the deliberative body of the Regional Financial Market Actor;
Third State: any State other than a member state of the Union;
Proliferation Financing Offense: constitutes a proliferation financing offense, any act committed by a natural or legal person who, by any means whatsoever, directly or indirectly, deliberately provides financing by providing, collecting, or managing funds, securities or any goods or giving advice for this purpose, with the intention that these funds, securities or goods or knowing that they are intended to be used, in whole or in part, for the manufacture, acquisition, possession, development, export, transshipment, brokering, transport, transfer, storage or use of nuclear, chemical, biological weapons, their vectors and associated equipment. The commission of one or more of these acts constitutes an offense even in the absence of a link with an identified proliferation act and whatever the origin of the funds used. The attempt to commit a proliferation financing offense or the act of helping, inciting or assisting someone in order to commit it, or the act of facilitating its execution, also constitutes a proliferation financing offense.

The offense is committed, whether the act referred to in this article occurs or not, or whether the goods have or have not been used to commit this act. The offense is also committed by any natural or legal person who:

*   participates as an accomplice, organizes or incites others to commit the aforementioned acts;  
*   contributes to the commission of one or more offenses, or attempts at offenses, of proliferation financing by a group of persons acting in concert.

Knowledge or intent, as elements of the aforementioned activities, may be inferred from objective factual circumstances.

Terrorism Financing Offense: constitutes a terrorism financing offense, any act committed by a natural or legal person who, by any means whatsoever, directly or indirectly, has deliberately provided or collected goods, funds and other economic, financial and material resources, with the intention of using them or knowing that they will be used, in whole or in part:
- for the commission of one or more terrorist acts;
- by a terrorist organization or a terrorist individual.

Also constitutes a terrorism financing offense, the act by a natural or legal person of recruiting, offering to finance or financing the travel of a person who goes to a State other than their state of residence or nationality, with the aim of committing, organizing or preparing a terrorist act, or in order to participate in it or to provide or receive training in terrorism.

The commission of one or more of these acts constitutes an offense even in the absence of a link with an identified terrorist act and whatever the origin of the funds used.

The attempt to commit a terrorism financing offense or the act of helping, inciting or assisting someone in order to commit it, or the act of facilitating its execution, also constitutes a terrorism financing offense.

The offense is committed, whether the act referred to in this article occurs or not, or whether the goods have or have not been used to commit this act.

The offense is also committed by any natural or legal person who:

*   participates as an accomplice, organizes or incites others to commit the aforementioned acts;  
*   contributes to the commission of one or more offenses, or attempts at offenses, of terrorism financing by a group of persons acting in concert.

Knowledge or intent, as elements of the aforementioned activities, may be inferred from objective factual circumstances.

Trusts: an operation by which one or more settlors transfer assets, rights or securities, or a set of assets, rights or securities, present or future, to one or more trustees who, holding them separate from their own assets, act for a determined purpose for the benefit of one or more beneficiaries;
FATF: Financial Action Task Force;
Senior Management: persons who exercise important functions within or on behalf of a company or organization, including directors, members of the board of directors and all persons exercising equivalent functions;
Freeze:
a) in matters of confiscation and provisional measures, the prohibition of transfer, conversion, disposition or movement of any property, equipment or instrument following a measure taken by a competent authority or a court within the framework of a freeze mechanism and this, for the duration of the validity of said measure, or until a confiscation decision is taken by a competent authority; b) for the purposes of the recommendations on the implementation of targeted financial sanctions, the prohibition of transfer, conversion, disposition or movement of all funds and other assets held or controlled by designated persons or entities following a measure taken by the United Nations Security Council or a competent authority or a court in accordance with applicable Security Council resolutions and this, for the duration of the validity of said measure.
Underlying Offense: any offense, even committed on the territory of another UMOA member state or that of a third state, which generates proceeds from criminal activity.
Financial Institution: any person or entity that exercises, on a commercial basis, one or more of the following activities or operations on behalf and for the account of a client:
a) acceptance of deposits and other repayable funds from the public; b) lending, including consumer credit, mortgage credit, factoring with or without recourse, financing of commercial transactions; c) financial leasing, with the exception of financial leasing relating to consumer products; d) transfer of money or securities; e) issuance and management of payment instruments;

f) granting guarantees and underwriting commitments; g) trading on:
- money market instruments;
- foreign exchange market;
- instruments on currencies, interest rates and indices;
- securities;
- options and commodity futures markets.
h) participation in securities issues and provision of related financial services; i) individual and collective wealth management; j) custody and administration of securities, in cash or liquid, for the account of others; k) other investment, administration or fund or money management operations for the account of others; l) subscription and placement of life and non-life insurance products and other investment products linked to insurance; m) manual exchange; n) any other activities or operations determined by a UMOA financial sector regulatory authority;

NGO (Non-Governmental Organization): any association, foundation, non-governmental organization or similar entity constituted in accordance with the legislative and regulatory texts in force, having as its main object the collection or distribution of funds for charitable, religious, cultural, educational, social or fraternal purposes, or for other types of good works;
PEP: Politically Exposed Persons:
A. Foreign PEPs: natural persons who exercise or have exercised important public functions in another member state or a third state, namely:
a) Heads of State or Government, Ministers, Deputy Ministers and Secretaries of State; b) members of royal families; c) General Secretaries of the Presidency of the Republic, the Government or ministries, as well as General Directors of Ministries; d) parliamentarians; e) members of Supreme Courts, Constitutional Courts or other high courts whose decisions are not subject to appeal, except in exceptional circumstances;

f) members of the Courts of Accounts or Councils or Boards of Central Banks; g) ambassadors, chargés d'affaires, and senior officers of the armed forces; h) members of the administrative, management, or supervisory bodies of public enterprises; i) senior officials of political parties; j) members of the family of a PEP, namely: the spouse, any partner considered equivalent to a spouse, children and their spouses or partners, other relatives; k) persons known to be closely associated with a PEP; l) any other person designated by the regulated entity based on the analysis of its risk profile by the competent authority.

B. National PEPs: natural persons who exercise or have exercised important public functions in a Member State of the Union, notably the natural persons referred to in points a) to l) of point A) above;

C. PEPs of international organizations: natural persons who exercise or have exercised important functions within, or on behalf of, an international organization, notably members of senior management and, where applicable, the natural persons referred to in points j to l of point A) above, in particular, directors, deputy directors, and members of the Board of Directors and all persons exercising equivalent functions.

Proliferation of weapons of mass destruction: the transfer and export of nuclear, chemical, or biological weapons, their delivery systems, and related equipment;
RECEN-UEMOA: the Network of CENTIFs of WAEMU;
Business relationship: a situation in which a regulated entity engages in a professional or commercial relationship that extends over a certain period. The business relationship may result from:
a) the signing of a contract creating specific or ongoing obligations between the parties; b) the regular solicitation of a regulated entity for the execution of several operations or service provisions;
Targeted financial sanctions: the freezing of assets and prohibitions aimed at preventing funds and other assets from being made available, directly or indirectly, to designated persons and entities;
Without delay: a maximum period of 24 hours;
Fund transfer service: a financial service whose activity consists of accepting cash and paying an equivalent sum in cash or in any other form to a beneficiary located in another geographical area by means of communication, message, transfer, or clearing system to which the fund transmission service belongs.

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WAEMU: West African Economic and Monetary Union;
UMOA: West African Monetary Union;
Union: West African Economic and Monetary Union or West African Monetary Union;

Article 2: Purpose

This Instruction aims to specify the application modalities, by the actors of the UMOA Regional Financial Market referred to in Article 3 below, of the Uniform Law on combating money laundering, terrorist financing, and proliferation of weapons of mass destruction in the Member States of UMOA.

Article 3: Scope of Application

This Instruction applies to the following actors of the Regional Financial Market:

The Regional Securities Exchange (BRVM);
The Central Depository/Settlement Bank (DC/SB);
Management and Intermediation Companies (SGI);
Wealth Management Companies (SGP);
Collective Investment Schemes (OPC);
Management Companies for UCITS;
Management Companies for SICAVs;
Management Companies for Employee Savings Funds (FCPE);
Management Companies for Common Securitization Funds for Receivables (FCTC);
Account Keeping and Conservatory Banks (BTCC);
Business Introducers;
Stock Investment Advisors;
Salesmen;
Guarantors;
Rating Agencies;
Listing Sponsors;
Any other natural or legal person approved or authorized by the AMF-UMOA.

TITLE II: PROVISIONS RELATING TO THE DUE DILIGENCE OBLIGATIONS OF ACTORS OF THE REGIONAL FINANCIAL MARKET

CHAPTER I: GENERAL DUE DILIGENCE OBLIGATIONS

Article 4: Retention of documents and records

The actors of the Regional Financial Market referred to in Article 3 of this Instruction shall retain for a period of ten (10) years, from the closing of their accounts or

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from the cessation of their relationships with their regular or occasional clients, documents and records relating to:

the identity of clients;
the knowledge of the client and their risk profile;
the analyses carried out in the framework of the implementation of due diligence measures regarding clients upon entry into or during the business relationship;
any other relevant information.

They shall retain in paper and/or electronic format the documents and records relating to the operations carried out by these clients, including account books and commercial correspondence, for ten (10) years after the execution of the operation.

The actors of the Regional Financial Market shall ensure that these documents and records allow for the reconstruction of individual operations.

Article 5: Special monitoring of certain operations

The following operations must be subject to particular examination by the actors of the Regional Financial Market referred to in Article 3 of this Instruction:

any payment in cash or by bearer instrument of a sum of money, made under normal conditions, the unit or total amount of which is equal to or greater than fifty million (50,000,000) CFA francs;
any operation involving a sum equal to or greater than ten million (10,000,000) CFA francs, carried out under unusual conditions of complexity, unjustified, or appearing to lack economic justification or lawful purpose;
any operation particularly complex, or of an unusually high amount, given the client's profile, or appearing to lack economic justification or lawful purpose.

In the cases referred to in the preceding paragraph, the actors of the Regional Financial Market referred to in Article 3 of this Instruction must inquire with the client, and/or by any other means, regarding the origin and destination of the funds as well as the purpose of the operation and the identity of the beneficial owners of the operation, in accordance with the provisions of Articles 8 and 9 of this Instruction.

These operations must be recorded in a confidential register, in paper and/or electronic format, and be subject to particular examination by the actors of the Regional Financial Market.

The aforementioned information in the first paragraph of this article relates, in particular, to:

the origin and destination of funds (geographical origin, identity of financial institutions acting as intermediaries, accounts used);
the purpose and terms of the operations;
the amounts of operations carried out and their frequency;
the nature of the operations (cash deposits, transfers, etc.);
the existence of economic justification for the operations;

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the consistency of the economic justification of the operations;
the currencies handled during the operations;
the identity of the real order giver;
the identity of the beneficial owner.

Article 6: Obligation regarding prevention measures in case of remote relationship

The approved actors of the Regional Financial Market referred to in Article 3 of this Instruction must take specific and sufficient measures to prevent money laundering, terrorist financing, and proliferation of weapons of mass destruction when they maintain business relationships or execute operations with a client who is not physically present for identification purposes. To this end, information relating to client identification must be sufficiently documented and more reinforced than for on-site clients.

Article 7: Fund transfer service operators

Approved actors in a business relationship with fund transfer service providers must respect all obligations provided for by this Title in the countries where they exercise their activities, directly or through their agents.

When an approved actor in a business relationship with a fund transfer service provider controls both the placing of the order and the receipt of an electronic transfer, it must:

take into account all information emanating from the order giver and the beneficiary to determine whether a suspicious transaction report should be filed;
file a suspicious transaction report with the CENTIF, where applicable.

Article 8: Obligation to identify and verify the identity of clients and beneficial owners

The actors of the Regional Financial Market are required to identify their clients, whether permanent or occasional, whether natural or legal persons or legal structures, and the beneficial owners, and to verify their identity by means of independent and reliable documents, sources, data, or information, notably during:

the opening of accounts;
the custody, notably of securities or instruments;
the establishment of business relationships;
the execution of occasional operations;
the existence of suspicion of money laundering, terrorist financing, or proliferation of weapons of mass destruction;
the execution of transactions by a person claiming to act on behalf of the client to verify, in particular, that they are authorized to do so;
the execution of multiple cash transactions, both in national currency and foreign currencies, when they exceed in total an amount of nine million (9,000,000) CFA francs, and are carried out by and for the account of the same person within a day, or with unusual frequency. These transactions are then considered as unique.

The identification of clients must be based, on the one hand, on precise ethical rules, and on the other hand, on a clearly defined customer knowledge policy, in order to prevent the Actors of the Regional Financial Market from maintaining relationships with persons whose identity is doubtful or whose transactions are out of proportion with the activity.

To effectively protect themselves against reputation and counterparty risks, the Actors of the Regional Financial Market covered by this Instruction must define the types of clients they cannot accept, with regard in particular to the prescriptions of the above paragraphs, and refrain from entering into any relationship before having established to their satisfaction their identity, address, and the type of operations authorized with said clients. The Actors of the Regional Financial Market must ensure the purpose and nature envisaged of the business relationship.

Customer knowledge procedures must apply not only to new relationships but also to existing clients, notably those on whom doubts exist regarding the reliability of previously collected information.

The practical modalities of the identification and verification of the identity of clients are specified by the AMF-UMOA through a Circular, notably concerning natural or legal persons including legal structures, occasional clients, and beneficial owners.

Article 9: Obligation of constant vigilance on all client operations

The approved actors of the Regional Financial Market, referred to in Article 3 of this Instruction, exercise constant vigilance regarding any business relationship and carefully examine the operations carried out to ensure they are consistent with what they know about their clients, their commercial activities, their risk profile, and the source of their funds.

They are prohibited from opening anonymous or fictitious name accounts.
The approved actors of the Regional Financial Market must identify and verify the identity of the issuers and acceptors of cashier's checks as well as the beneficial owners of these instruments.

CHAPTER II: SPECIFIC ENHANCED DUE DILIGENCE OBLIGATIONS

Article 10: Monitoring of atypical operations

The Actors of the Regional Financial Market authorized to hold accounts and/or execute transactions must provide a filtering and analysis system for transactions and client profiles, allowing to trace and follow in particular atypical financial movements and operations.

These include, in particular, the following operations:

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transactions abnormal in themselves and/or transactions abnormal relative to a client (case of dormant securities accounts suddenly becoming active, checks with multiple endorsements, transfer of funds or securities to numbered accounts, purchase or sale of large quantities of securities);
operations with an amount significantly higher than the client's usual transactions;
stock orders and market operations aiming at or involving transactions on securities at prices offset from market prices;
operations consisting of multiple round trips on the financial market without apparent concern for profitability, followed by a request for withdrawal of funds or securities to another financial institution located notably abroad;
transactions involving persons located in countries, territories, and/or jurisdictions declared by the Financial Action Task Force (FATF) as non-cooperative and persons subject to asset freeze measures for their alleged links with an organized criminal entity.

Article 11: Electronic operations

The actors of the Regional Financial Market that allow the execution of transactions via the internet or any other electronic means must have an adapted system for monitoring these transactions. They are also required to centralize and analyze unusual transactions via the internet or any other electronic medium.

The system put in place must allow at any time to perform controls both by the actors and by the supervisory authority. To this end, the system must allow the actor of the Regional Financial Market to obtain and verify, regarding the order giver, their full name, their account number, when such an account is used to execute transactions, their address or, in the absence of an address, their national identification number or place and date of birth as well as, if necessary, the name of their account keeper. The account keeper of the order giver also requires the name of the beneficiary and the account number of the latter, when such an account is used to execute a fund transfer or securities transfer.

Furthermore, when the actors of the Regional Financial Market receive electronic transfers or orders that do not contain complete information on the order giver, they must take measures to obtain the missing information from the issuing institution or the beneficiary to complete and verify them. If they do not obtain this information, they must refrain from executing the transfer and inform the CENTIF.

Article 12: Enhanced vigilance regarding non-cooperative countries and territories as well as persons subject to asset freeze measures

The actors of the Regional Financial Market referred to in Article 3 above are required to pay particular attention to operations carried out with countries, territories, and/or jurisdictions declared by the FATF as non-cooperative and by persons subject to asset freeze measures for their alleged links with an organized criminal entity. In this regard, the list of these countries/territories and jurisdictions as well as that of persons subject to

asset freeze measures must be regularly updated by each market actor and communicated to all personnel involved in combating money laundering and terrorist financing within the actor of the Regional Financial Market.

For the compilation of this list, the actors of the Regional Financial Market may consult the official websites of organizations involved in AML/CFT/FP, notably those of the Financial Action Task Force (FATF) and the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) or request information from any other competent authority.

The actors of the Regional Financial Market must also apply all existing regulations regarding the freezing of funds, notably the Community Regulation on the freezing of funds and other financial resources in the framework of combating money laundering and terrorist financing in the Member States of UMOA as well as decisions of the Union Council of Ministers regarding the list of persons, entities, or organizations subject to the freezing of funds and other financial resources, in particular, that established by the United Nations Security Council, under Chapter VII of the Charter of the United Nations and its updates.

Article 13: Obligation regarding prevention measures in case of remote relationship

The approved actors of the Regional Financial Market referred to in Article 3 of this Instruction must take specific and sufficient measures to prevent money laundering and terrorist financing when:

they maintain business relationships or execute operations with a client who is not physically present for identification purposes;
the product or operation favors the anonymity of the beneficial owner;
the operation is carried out for own account or for the account of third parties with natural or legal persons, including their subsidiaries or establishments, domiciled, registered, or established in a State or territory whose legislative deficiencies or practices hinder the fight against money laundering and terrorist financing.

Article 14: Obligation regarding relationships with Politically Exposed Persons (PEPs)

The approved actors of the Regional Financial Market referred to in Article 3 above are required to have adequate risk management systems to determine if the client is a politically exposed person.

Notwithstanding the due diligence measures referred to in Articles 19 and 20 of the Uniform Law, financial institutions are required:

a) to put in place a risk management device based on formalized procedures to determine if a client or beneficial owner is a PEP; b) to obtain the authorization of senior management before entering into a business relationship or executing an operation with or for the account of a PEP;

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c) to take any appropriate measures to establish the origin of the wealth and the origin of the funds of clients and beneficial owners identified as PEPs; d) to ensure continuous and enhanced monitoring of the business relationship.

Furthermore, the approved actors of the Regional Financial Market carry out a reinforced examination of the entire business relationship with the contract holder. In case of suspicion, they file a suspicious transaction report with the CENTIF.

The approved actors of the Regional Financial Market are required to re-evaluate every three (3) years the profile of clients identified as PEPs, in application of the provisions of the first paragraph of this article.

They decide, based on the results of this evaluation, to update their list of PEPs.

CHAPTER III: SIMPLIFIED DUE DILIGENCE OBLIGATIONS TOWARDS CLIENTS

Article 15: Mitigation of the due diligence obligation

When the risk of money laundering and terrorist financing is low, the actors of the Regional Financial Market referred to in Article 3 above may reduce the intensity of the due diligence measures provided for in Chapter 1 relating to general due diligence obligations of this Instruction. In this case, they transmit to the AMF-UMOA a note justifying that the extent of the measures retained is appropriate for this risk.

They are not subject to the due diligence obligations provided for in Articles 16 to 20 of the Uniform Law, provided that there is no suspicion of money laundering or terrorist financing, in the following cases:

for clients and products presenting a low risk of money laundering, terrorism financing and proliferation of weapons of mass destruction, the list of which is established and maintained by the actor;
for the client or, where applicable, the beneficial owner of the business relationship, when they are either:
o a financial institution, established or having its headquarters in a UEMOA country or in a third State imposing equivalent obligations in the fight against money laundering and terrorism financing and listed on a list of countries adopted by the Minister in charge of Finance of a Member State of the Union; o a listed company whose securities are admitted to trading on at least one regulated market of the Regional Financial Market of the UEMOA or in a third State outside the UEMOA imposing publicity requirements compatible with current legislation; o a public authority or public body, designated as such under the UEMOA Treaties and the UEMOA, derived Community law, public law of a Member State or any other international commitment contracted by a State of the UEMOA, and which meets the following three criteria:
i) its identity is accessible to the public, transparent and certain; ii) its activities, as well as its accounting practices are transparent;

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iii) it is either accountable to a Community institution or to the authorities of a Member State, or subject to appropriate procedures for monitoring its activity;

o the beneficial owner of the sums deposited, in accounts held on behalf of third parties, by notaries, bailiffs or members of another independent legal profession established within the UEMOA or in a third State imposing equivalent obligations in matters of fighting money laundering and terrorism financing, provided that information relating to the identity of the beneficial owner is made available to the institutions acting as depositaries for these accounts, upon their request;

when the actors referred to in Article 3 of this Instruction carry out insurance operations whose specifics are specified by a CIMA Regulation.

The actors referred to in Article 3 of this Instruction collect sufficient information about their client in order to verify that he satisfies the conditions provided for in the first and third indents of paragraph 2 of this article.

By way of derogation, when the risk of money laundering, terrorism financing and proliferation of weapons of mass destruction is low, the actors of the Regional Financial Market may, when they carry out online transactions or payments, under the conditions laid down by current regulations, provided that there are no suspicions of money laundering or terrorism financing, not verify the identity of their client and, where applicable, the beneficial owner of the business relationship.

Article 16: Derogations for online transactions and payments

Regional Financial Market actors may, provided there is no suspicion of ML/TF/P, not verify the identity of their client and, where applicable, the beneficial owner of the business relationship, when they carry out online transactions and/or payments which satisfy each of the following conditions:

the funds or orders received from the client originate from an account opened in his name with another financial institution established or having its headquarters in a UEMOA country or in a third State imposing equivalent obligations in the fight against money laundering or terrorism financing;
the funds or orders are destined for an account opened in the name of a beneficiary with another financial institution established or having its headquarters in a UEMOA country, or in a third State imposing equivalent obligations in the fight against money laundering or terrorism financing.

CHAPTER IV: OBLIGATIONS RELATING TO TRANSPARENCY ON BENEFICIAL OWNERS OF LEGAL ENTITIES AND LEGAL CONSTRUCTIONS

Article 17: Keeping a register of shareholders and members

The actors of the Regional Financial Market keep a register of their shareholders or members, containing their names, the number and category of shares held by each shareholder as well as the nature of the voting rights associated with these shares.

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They keep the following documents and information:

their corporate name;
their constituent instruments;
their legal form;
the address of their registered office;
their rules of organization and operation;
the composition of their deliberative body.

Legal entities other than companies keep, each insofar as it concerns them, similar information to that mentioned in the second paragraph of this article.
The information referred to in the preceding paragraphs is kept by legal entities on national territory. The place of conservation of this information must be declared to the register of beneficial owners of legal entities and legal constructions carrying out their activity on national territory.

Article 18: Updating of information

The legal entities, referred to in this Chapter, ensure that the information mentioned in Article 19 below is accurate and up-to-date in a timely manner.

Article 19: Retention of information on beneficial owners

The actors of the Regional Financial Market are required to obtain and retain all information enabling them to identify their beneficial owners.
Said information must be accurate and kept up to date.

Article 20: Duration of retention of information

All persons, authorities and entities involved in the dissolution and liquidation of the legal entities referred to in this Chapter, retain information on these latter and on their beneficial owners.
The duration of retention of this information is at least ten (10) years after the dissolution of the legal entities concerned, or the date on which they cease to be in a business relationship with the financial institution, or the professional intermediary concerned. The pieces and documents relating to the identification obligations and whose retention is mentioned in articles 4, 8 and 19 are communicated by the actors of the Financial Market, within a period of three (03) days upon their request, to the judicial authorities, to the State agents in charge of detecting money laundering, terrorism financing and proliferation of weapons of mass destruction offenses, acting within the framework of a judicial mandate, to the supervisory authorities as well as to the CENTIF.

Article 21: Issuance of bearer shares or bearer subscription warrants

Legal entities that issue bearer shares or bearer subscription warrants implement mechanisms to prevent their abusive use, notably for purposes of ML/TF/P.

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Article 22: Use of nominees

Legal entities that issue shares registered in the name of nominees or that have administrators acting on behalf of another person, implement mechanisms to guarantee that these practices are not used for purposes of ML/TF/P.

TITLE III: PARTICULAR OBLIGATIONS

CHAPTER I: OBLIGATIONS RELATING TO SUSPICIOUS TRANSACTION REPORTING

Article 23: Obligation to report suspicion

The actors of the Regional Financial Market, referred to in Article 3 of this Instruction, are required to immediately declare to the CENTIF, under the conditions laid down by the Uniform Act and according to a declaration model fixed by decree of the Minister in charge of Finance, the sums recorded in their books, the operations or attempted operations involving sums which they suspect or have good reason to suspect originate from an offense of money laundering, terrorism financing or proliferation of weapons of mass destruction or an underlying offense.

By way of derogation from the previous paragraph, the actors of the Regional Financial Market declare to the CENTIF, the sums or operations or attempted operations involving sums which they suspect or have good reason to suspect originate from tax fraud, when there is presence of at least one criterion defined by current regulations.

Following the implementation of enhanced preventive measures provided for by the provisions of Article 5 of this Instruction, the actors of the Regional Financial Market carry out, if necessary, the declaration provided for in the first paragraph of this article.

The actors of the Regional Financial Market are required to declare to the CENTIF, any operation for which the identity of the ordering party or the beneficial owner or the settlor of a trust fund or any other asset management instrument remains doubtful despite the diligence carried out in accordance with the provisions of Title II of this Instruction.

Any information likely to invalidate, confirm or modify the elements contained in the suspicion declaration is brought, without delay, to the knowledge of the CENTIF.

Subject to the exemptions determined by Decree of the Minister in charge of finance in each Member State of the Union, the actors of the Regional Financial Market must declare to the CENTIF of their State of establishment any cash transaction whose amount reaches the threshold of fifteen million (15,000,000) CFA francs whether it is a single operation or several operations that appear linked.

Article 24: Obligations related to the obligation to report suspicion

The actors of the Regional Financial Market refrain from carrying out any operation on funds in their possession which they suspect are linked to money laundering or terrorism financing, or proliferation of weapons of mass destruction, or underlying offenses until they make the suspicion declaration. They cannot

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then proceed with the execution of the operation unless there is opposition from the CENTIF or if, at the end of the four (4) working days deadline, no decision from the competent judicial authority has been received after the opposition of the CENTIF.

When an operation that should have been the subject of a suspicion declaration has already been carried out, either because it was impossible to suspend its execution, or because its postponement could have hindered investigations into an operation suspected of money laundering or terrorism financing and proliferation of weapons of mass destruction, or because it appeared subsequently to its realization that it was subject to this declaration, the actor of the Regional Financial Market informs, without delay, the CENTIF.

Any information likely to invalidate, confirm or modify the elements contained in the suspicion declaration is brought, without delay, to the knowledge of the CENTIF.

Article 25: Confidentiality of the suspicion declaration

The suspicion declaration is confidential.

It is prohibited, under penalty of sanctions provided for by the provisions in force, to the persons referred to in Article 3 of this Instruction, to bring to the knowledge of the owner of the sums or the author of one of the operations inducing a suspicion declaration or to third parties, other than supervisory authorities, Statutory Auditors and national representative bodies, the existence and content of a declaration made to the CENTIF and to give information on the follow-up given to said declaration.

The fact that the persons referred to in Article 3 of this Instruction attempt to dissuade their client from participating in illegal activity does not constitute a disclosure within the meaning of paragraph 2 of this article.

The directors and employees of the actors of the Regional Financial Market are authorized to reveal to the judicial authority, or to judicial police officers acting on delegation, that information has been transmitted to the CENTIF, in application of the provisions of Article 25. In this case, the judicial authority or the judicial police officers may ask the CENTIF for confirmation of the existence of said declaration.

The suspicion declaration is accessible to the judicial authority only upon requisition to the CENTIF and in the sole cases where this declaration is necessary to implement the liability of the actors of the Regional Financial Market, their directors and employees and when the judicial investigation shows that they may be involved in the mechanism of money laundering, terrorism financing or proliferation that they revealed.

CHAPTER II: INTERNAL ORGANIZATION IN MATTER OF FIGHT AGAINST MONEY LAUNDERING AND TERRORISM FINANCING

Article 26: Internal device for fighting money laundering, terrorism financing and proliferation of weapons of mass destruction

The actors of the Regional Financial Market referred to in Article 3 of this Instruction are required to put in place an internal device defining internal procedures and rules for the prevention and detection of money laundering, terrorism financing and proliferation of weapons of mass destruction.