Regulatory Alerts2023-09-01
Added · Updated
Instruction No. 15 bis (Modification No. 4) on Derogation from Legal Prohibitions on Cash or Bearer Instrument Transactions of 10,000 USD or More
The Central Bank of Congo permits credit institutions and financial companies to settle cash or bearer instrument transactions of 10,000 USD or more in non-served zones or for operational needs of specific financial entities. Authorized institutions must perform enhanced due diligence, including customer identification and transaction monitoring, to verify the legitimacy of funds and detect suspicious activities. If no anomalies are detected, the institution may proceed with the transaction and must submit a confidential report to the National Financial Intelligence Unit (CENAREF). This instruction repeals prior conflicting provisions and enters into force upon signature.
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