Financial Crime World

Fadiga/Geoffroy Kamga: Experts in AML Compliance

Introduction

Douala, Cameroon - January 2016

In this article, we delve into the world of Anti-Money Laundering (AML) compliance with Fadiga and Geoffroy Kamga, experts in the field. Our conversation touches on various aspects of AML compliance, from reporting suspicious transactions to data privacy regulations.

Reporting Suspicious Transactions

The National Agency for Financial Investigation (ANIF)

According to our sources, ANIF is responsible for receiving Suspicious Activity Reports (SARs). In 2010, a total of 124 SARs were filed with ANIF. This translates to a ratio of one SAR for every USD 190.5 million of GDP.

Requirements and Obligations

Banks are required to report transactions where the identity of the beneficiary or originator is suspicious.

AML Audits

When it comes to AML audits, our experts revealed that there is no legal requirement for external auditors or other organizations to report on the bank’s AML systems and controls.

Regulatory Gap

The lack of a regulatory framework for AML audits creates a gap in ensuring that banks are adhering to AML compliance standards.

Data Privacy

Cameroon does not have established data protection laws. Therefore, there are no regulations governing the transfer of personal data, criminal records, or medical data.

Implications

The absence of data protection laws leaves financial institutions vulnerable to non-compliance and potential reputational damage.

Regulatory Environment

In terms of regulatory requirements, our experts noted that:

  • There is an obligation to report transactions where the identity of the beneficiary or originator is suspicious.
  • Banks are required to monitor transactions outside of Cameroon.

Requirements for Non-Compliance

Interestingly, non-compliance with reporting requirements does not carry penalties, including tipping off.

Automated Suspicious Transaction Monitoring Technology

Our experts revealed that there is no requirement to use automated suspicious transaction monitoring technology.

Implications

The lack of a regulatory framework for the use of automated suspicious transaction monitoring technology creates a gap in ensuring that banks are adhering to AML compliance standards.

Conclusion

In conclusion, our conversation with Fadiga and Geoffroy Kamga has provided valuable insights into the world of AML compliance in Cameroon. From reporting suspicious transactions to data privacy regulations, it is essential for financial institutions to stay informed about regulatory requirements to avoid non-compliance.

Contact Information

  • Fadiga/Geoffroy Kamga
    • PwC United Kingdom
    • Email: [insert email]
    • Phone: [insert phone number]
    • Website: [insert website]