Instruction No. 81/AMF-UMOA/2025 on the Registration of Final Clients with the Central Depository/Regional Financial Market Clearing Bank

AMF-UMOA
AUTORITÉ DES MARCHÉS FINANCIERS DE
L'UNION MONÉTAIRE OUEST AFRICAINE

INSTRUCTION N° 81 /AMF-UMOA/2025

ON THE REGISTRATION OF FINAL CLIENTS WITH THE CENTRAL DEPOSITORY / CLEARING BANK OF THE UMOA REGIONAL FINANCIAL MARKET

The Autorité des Marchés Financiers de l'Union Monétaire Ouest Africaine,

Having regard to the Revised Treaty of the West African Monetary Union (UMOA) of July 12, 2019, which entered into force on October 1, 2022, modifying the name of the Regional Council for Public Savings and Financial Markets (CREPMF) to the UMOA Financial Markets Authority (AMF-UMOA);

Having regard to the Convention of July 3, 1996 establishing the Regional Council for Public Savings and Financial Markets, 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 No. 001/97 of November 28, 1997 on the organization, functioning, and control of the UMOA Regional Financial Market, as amended in its Articles 37 and 136 by the UMOA Council of Ministers in its sessions of March 27, 1998, and September 5, 2005;

Having regard to Decision No. CM/07/2021 UMOA of March 21, 2021 adopting the Uniform Law on stock market offenses on the regional financial market;

Having regard to Directive No. 01/2023/CM/UEMOA of March 31, 2023 on the fight against money laundering, terrorist 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 No. 04/31/03/2023/CM/UMOA of March 31, 2023 adopting the draft Uniform Law on the fight against money laundering, terrorist financing, and the proliferation of weapons of mass destruction in the member states of the West African Economic and Monetary Union (UMOA);

Having regard to Instruction No. 59/2019/AMF-UMOA/REVISED on the fight against money laundering, terrorist financing, and the proliferation of weapons of mass destruction among actors of the UMOA Regional Financial Market;

Having regard to Decision No. CM/04/03/2024 of March 28, 2024 of the UMOA Council of Ministers appointing the President of the UMOA Financial Markets Authority;

Having regard to the deliberations of the AMF-UMOA during its 107th Ordinary Session, held on March 20, 2025, in Abidjan;

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HEREBY DECIDES:

TITLE I: GENERAL PROVISIONS

Article 1: Definitions
For the purposes of this Instruction:

• Regional Financial Market Actor: any natural or legal person authorized to exercise a regulated activity on the financial market or to intervene therein by virtue, in particular, of an approval or authorization granted by the AMF-UMOA;
• Client: any natural or legal person or entity receiving a securities account keeping service;
• Final Client: any entity holding a securities account opened with an Account Keeper;
• Individual Account: a securities account opened in the name of a client;
• CD/CR: Central Depository/Clearing Bank;
• Registration: the process of recording the identity and securities holdings of a client of an Account Keeper in a register of the CD/CR;
• Financial Institution: any entity, public or private, benefiting from an authorization, approval, or accreditation granted by a competent authority, authorized to carry out financial operations and/or provide financial services to its clients. This includes in particular banks, financial companies, credit institutions, electronic money institutions, payment institutions, microfinance institutions, insurance companies, Deposit and Trust Funds (CDC), Management and Intermediation Companies (SGI), Collective Investment Undertakings (OPC), OPC Management Companies, and Social Welfare Organizations (OPS);
• Investor: a natural or legal person who makes or intends to make capital investments on the regional financial market;
• Unique Identification Number or Unique Identifier: the unique number assigned by the CD/CR to any final client registered in its books;
• Without delay: a period not exceeding two (2) working days;
• Account Keeper: any market participant in the UMOA authorized, by virtue of an approval or authorization, to register financial assets on behalf of third parties;
• UEMOA: the West African Economic and Monetary Union;
• UMOA: the West African Monetary Union.

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Article 2: Purpose
This Instruction sets out the rules regarding the registration of final clients in the CD/CR's registers, in addition to their registration in the books of Account Keepers.

Article 3: Scope of Application
This Instruction applies to the CD/CR and Account Keepers.

TITLE II: PROVISIONS RELATING TO THE REGISTRATION OF FINAL CLIENTS BY ACCOUNT KEEPERS

CHAPTER I: OBLIGATIONS OF THE ACCOUNT KEEPER

Article 4: Identification and verification of the final client's identity
Account Keepers are obligated to identify and verify the identity of their clients and their beneficial owners, where applicable, particularly when opening accounts and establishing business relationships, in accordance with the legal and regulatory provisions relating to the Fight against Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction (AML/CFT/Proliferation Financing) in the member states of the West African Economic and Monetary Union.

Article 5: Registration of final clients
Any client other than a financial institution, holding a securities account opened with an Account Keeper, may, through said Account Keeper, register in the books of the CD/CR.

Article 6: Obligation to register financial final clients
Any Financial Institution holding a securities account opened with an Account Keeper is registered with the CD/CR, through said Account Keeper.

Article 7: Information required for registration
The registration of the final client in the CD/CR's books is initiated by the Account Keeper, who communicates the following information about the final client:

• Identity, namely name and first names, date and place of birth;
• Identification document references, including identity card, passport, and national registration, registration, commercial register, or tax identification number;
• The final client's account number registered with the Account Keeper;
• The identity of the beneficial owner, where applicable;

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• Identification document references for the final client and the beneficial owner, where applicable;
• Address.

The CD/CR may request any additional information it deems necessary prior to the registration of the final client in its registers.

Article 8: Portfolio monitoring
Account Keepers ensure correspondence between the data of the final client's portfolio held in their books and that appearing in the register kept by the CD/CR. Reconciliation of individual client accounts must be carried out at least once a month.

CHAPTER II: OBLIGATIONS OF THE CD/CR

Article 9: Establishment of a dedicated platform for the registration of final clients by Account Keepers
The CD/CR makes available to Account Keepers a platform allowing the registration of final clients in its registers and the linking of accounts to a unique identifier referred to in Article 11. The CD/CR's information system must allow Account Keepers to initiate, in a secure manner, operations on individual client accounts.

Article 10: Security, integrity, and confidentiality of data
The CD/CR implements effective internal control and risk management measures, including IT risks, to guarantee the security, integrity, and confidentiality of data. These measures are implemented without prejudice to legal and regulatory provisions on the protection of personal data. The CD/CR ensures the reliability and resilience of its systems, as well as the implementation of a robust business continuity plan in the event of a major incident, particularly in the case of cyberattacks, theft, leaks, or data compromise.

Article 11: Creation of a unique identification number
Based on the information provided by the Account Keeper, the CD/CR assigns a unique identification number to each final client registered in its books.
The unique identification number of a final client is linked to all their accounts opened with different Account Keepers.
A client may only have one identifier in the CD/CR's registers.
The CD/CR links the unique identifier to all accounts of the final client declared by Account Keepers in its books.

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Article 12: Communication of the client's unique identification
The CD/CR communicates to any Account Keeper who requests it, the unique identification number of a final client who holds or intends to open a securities account in its books. To process this request, the Account Keeper provides the CD/CR with the required information, including that referred to in Article 7.

TITLE III: INFORMATION OBLIGATIONS

Article 13: Transmission of information to the final client
The Account Keeper communicates without delay to the final client their unique identification number, as soon as they are registered in the CD/CR's registers. It also informs, without delay, the final client of the linking of their account to this identification number. The Account Keeper retains for a period of ten (10) years from the date of cessation of the relationship with the client, a copy of the documents relating to the registration referred to in Article 7 and the linking of accounts to an identifier.

Article 14: Transmission of registration certificate to the client
Any final client may, upon request, obtain from the Account Keeper a certificate of their registration in the CD/CR's registers.

Article 15: AMF-UMOA's access to CD/CR information
The CD/CR sets up a secure device allowing the AMF-UMOA to access, for consultation, the securities positions of final clients registered in its books.

Article 16: Transmission of periodic information from Account Keepers to the AMF-UMOA
Account Keepers transmit to the AMF-UMOA, within fifteen (15) calendar days following the end of each quarter, the status of their final clients registered in the CD/CR's registers, as of the last business day of the quarter. This status is prepared according to the model defined in the annex to this Instruction.

TITLE IV: TRANSITIONAL, DIVERSE, AND FINAL PROVISIONS

Article 17: Transitional provisions
The CD/CR and Account Keepers approved or authorized before the entry into force of this Instruction have a maximum period of one (01) year, from the date of its signature, to comply with all its provisions.

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Article 18: Sanctions
Any failure to comply with the obligations provided for by this Instruction may, in accordance with current regulations, result in sanctions, including financial, administrative, and disciplinary ones.

Article 19: Entry into force
This Instruction enters into force as of the date of its signature.
It will be published wherever necessary.

Done in Abidjan, on SEP. 05, 2025

For the UMOA Financial Markets Authority,
The President

Badanam PATOKI

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Annex:
Quarterly status of final clients registered with the CD/CR

End of quarter date: ......
Name of Account Keeper: ......

Client Type	Number of Registered Clients	Value of Securities Portfolio of Clients Registered
		Listed Shares	Unlisted Shares	Listed Bonds	Unlisted Bonds	Units or Shares of UCITS
Individual Clients
Non-Financial Legal Entity Clients
Financial Institution Clients
TOTAL