Financial Crime World

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Banking Regulations Compliance in Gabon: A Comprehensive Guide

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Gabon’s banking sector has been subject to various anti-money laundering (AML) regulations since 2005, with the Banking Commission serving as the primary regulator for AML controls. The country has undergone a mutual evaluation by the Financial Action Task Force (FATF) in recent years.

Customer Due Diligence Requirements

Under Gabonese law, financial institutions (FIs) are required to verify the identity and address of customers, including individuals and legal entities. For legal entities, FIs must also verify legal documents and identify legal representatives. Public officials require heightened scrutiny, and banks must collect information on:

  • Anticipated account activity
  • Source of wealth
  • Sources of funds

Enhanced Due Diligence Measures

In addition, FIs must obtain information on beneficial ownership and verify the identification and address of professional intermediaries. Enhanced customer due diligence measures are required for high-risk customers, including:

  • Politically exposed persons (PEPs)
  • Correspondent banking relationships: banks must acquire information on their correspondent’s compliance with AML regulations before establishing a relationship

Reporting Requirements

FIs must report suspicious activities to the National Agency for Financial Investigation (ANIF) and are obligated to monitor transactions outside of Gabon.

Transaction Reporting

Gabon has no de-minimis thresholds below which transactions do not need to be reported, and there are no penalties for non-compliance with reporting requirements. The country does permit monitoring of transactions outside its jurisdiction and does not require the use of automated suspicious transaction monitoring technology.

Data Protection Laws

Gabon has no specific regulations governing the protection of personal data or sensitive information. There are also no restrictions on the transfer of credit reports out of the country.

FATF Mutual Evaluation

The country has undergone a FATF mutual evaluation in recent years but has not published its report publicly.

Conclusion

Overall, Gabon’s AML regime is designed to prevent money laundering and terrorist financing by requiring financial institutions to verify customer identities, monitor transactions, and report suspicious activities to the authorities.