Instruction No. 111/DGSIF/DSB of January 11, 2023 Setting the Threshold for Special Surveillance of Certain Operations

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INSTRUCTION NO. 111/DGSIF/DSB OF JANUARY 11, 2023

SETTING THE THRESHOLD FOR SPECIAL SURVEILLANCE OF CERTAIN OPERATIONS

THE GOVERNOR

Having regard to Law No. L/2017/017/AN of June 8, 2017, repealing Law No. L/2016/064/AN of November 9, 2016, itself amending Law No. L/2014/016/AN of July 2, 2014 establishing the Statutes of the Central Bank of the Republic of Guinea (BCRG); particularly Article 46;

Having regard to Law No. L/2021/AN of August 17, 2021 on the Fight against Money Laundering and Terrorist Financing, particularly Article 46;

Having regard to Decree No. D/2022/0587/PRG/CNRD of December 15, 2022 on the assignment, organization and functioning of the National Financial Intelligence Processing Unit (CENTIF);

Having regard to Decree No. D/2021/0145/PRG/CNRD of November 25, 2021 appointing the Governor of the Central Bank of the Republic of Guinea (BCRG).

HEREBY DECIDES:

Article 1: Purpose

This Instruction aims to specify the thresholds applicable to certain operations provided for in Article 46 of the Law on the Fight against Money Laundering and Terrorist Financing in the Republic of Guinea, as applied by the entities subject to supervision under Article 5 of said Law.

Article 2: Threshold for Reporting

The following thresholds are established:

a. GNF 150,000,000 (one hundred fifty million Guinean francs) as the minimum threshold for reporting cash transactions to the National Financial Intelligence Processing Unit (CENTIF);

b. GNF 150,000,000 (one hundred fifty million Guinean francs) or its equivalent in any currency quoted on the foreign exchange market of the Republic of Guinea as the minimum threshold for reporting incoming and outgoing electronic transfers to the National Financial Intelligence Processing Unit (CENTIF);

All operations originating from or destined for a country identified by the public declaration of the Financial Action Task Force (FATF) as a high-risk country, or any other country designated by the National Coordination Committee for the Fight against Money Laundering and Terrorist Financing, must be systematically reported to the CENTIF.

This reporting obligation applies to financial institutions, Designated Non-Financial Businesses and Professions (DNFBPs), and Virtual Asset Service Providers, regardless of whether the operations they perform are single or recurring.

The CENTIF shall define the procedures for these reports.

Article 3: Exemptions

The business sectors whose cash transactions are exempt from the reporting obligation referred to in Article 1 above shall be determined by decision of the National Coordination Committee for AML/CFT.

Article 4: Penalties

Non-compliance with the obligations set forth in this Instruction shall be penalized in accordance with the provisions of the Law on the Fight against Money Laundering and Terrorist Financing in the Republic of Guinea.

Article 5: Entry into Force

This Instruction shall enter into force as of its date of signature and shall be published where necessary.

[Seal and Signature]
Dr. Karamo KABA

12, Boulevard du Commerce, 6th Avenue of the Republic C/Kaloum - P.O. Box 692 - Conakry - Republic of Guinea Tel: (+224) 664 67 77 77 - Fax: (+224) 669 08 88 88 - Email: secretariat.gouv@bcrg-guinee.org www.bcrg-guinee.org