Financial Crime World

Côte d’Ivoire: AML Guidelines for Small Businesses Take Center Stage

In a move aimed at enhancing its anti-money laundering (AML) framework, Côte d’Ivoire has issued guidelines specifically designed for small businesses. This new regulation is part of the country’s efforts to comply with international standards and combat financial crimes.

FATF Ratings

According to the latest Financial Action Task Force (FATF) ratings, Côte d’Ivoire was found to be:

  • Largely Compliant in several areas, including:
    • Assessing risk and applying a risk-based approach
    • National cooperation and coordination
    • Money laundering offence
    • Confiscation and provisional measures
    • Targeted financial sanctions related to terrorism and terrorist financing
  • Partially Compliant in areas such as:
    • Confiscation and provisional measures
    • Terrorist financing offence
    • Targeted financial sanctions related to proliferation
    • Customer due diligence
    • Record keeping
    • Politically exposed persons
    • Correspondent banking
    • Money or value transfer services
    • New technologies
    • Wire transfers
    • Reliance on third parties
    • Internal controls and foreign branches and subsidiaries
    • Reporting of suspicious transactions
    • DNFBPs: customer due diligence
    • DNFBPs: other measures
    • Regulation and supervision of financial institutions
    • Powers of supervisors
    • Cash couriers
  • Non-Compliant in areas such as:
    • Transparency and beneficial ownership of legal persons
    • Transparency and beneficial ownership of legal arrangements
    • Regulation and supervision of DNFBPs
    • Mutual legal assistance: freezing and confiscation

New Guidelines for Small Businesses

The new guidelines aim to provide a more streamlined approach to AML compliance, taking into account the unique challenges faced by small businesses. The regulations outline specific requirements for:

  • Customer due diligence
  • Record keeping
  • Reporting of suspicious transactions
  • Other measures

Expert Insights

Experts believe that the new guidelines are a step in the right direction but more needs to be done to ensure Côte d’Ivoire’s AML framework is robust enough to combat financial crimes effectively.

“It’s encouraging to see Côte d’Ivoire taking proactive steps to strengthen its AML regime,” said a financial expert. “However, the country still has a long way to go in terms of fully implementing the FATF recommendations and ensuring that its AML framework is effective.”

Conclusion

The new guidelines for small businesses are seen as an important step towards achieving this goal, and experts will be closely monitoring Côte d’Ivoire’s progress in the coming months.