Regulatory Alerts2020-12-24
Added · Updated
Policy Advisory on Money Laundering and Terrorist Financing Risks of Fintech Transformation in West Africa
This policy advisory outlines the money laundering and terrorist financing risks associated with the rapid growth of fintech and mobile money services in West Africa, highlighting vulnerabilities such as low customer awareness, agent-related challenges, and system limitations. It recommends that member states adopt dynamic governance approaches, establish integrated fintech deployment strategies, and implement tiered KYC/CDD frameworks to balance financial inclusion with regulatory oversight. The document urges central banks and regulatory authorities to develop common regional policy guidelines, enhance collaboration within monetary zones, and continuously monitor ML/TF risks to ensure effective compliance.