Regulatory Alerts2017-09-25
Added · Updated
Instruction No. 010-09-2017 Setting the Threshold for Cash Transaction Declarations to the National Financial Intelligence Unit
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 010-09-2017 to establish a fifteen million CFA franc threshold for mandatory cash transaction declarations. This directive requires financial institutions and designated non-financial businesses and professions to report cash transactions exceeding this limit to the National Financial Intelligence Unit (CENTIF), regardless of transaction frequency. Non-compliance triggers sanctions under the relevant UMOA money laundering and terrorist financing legislation, with exemptions for specific sectors determined by national finance ministers.
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