Regulatory Alerts2019-06-19
Added · Updated
Instruction No. 001/19-GV/DAJ on the Organization of BFM's Internal Framework for Combating Money Laundering and Terrorist Financing
This instruction establishes the internal organizational structure of Banky Foiben'i Madagasikara (BFM) for combating money laundering and terrorist financing (LAB/FT). It creates a dedicated Anti-Money Laundering function comprising a Central Directorate, corresponding directorates, and specific LAB/FT units, defining their respective roles in risk assessment, monitoring, and reporting. The document mandates strict client identification and vigilance obligations, requiring the reporting of suspicious transactions to the internal central directorate and subsequently to SAMIFIN, while establishing quarterly and annual reporting mechanisms to BFM authorities.