Financial Crime World

Anti-Money Laundering (AML) Regulations in Cameroon

Introduction

Cameroon has implemented various Anti-Money Laundering (AML) regulations to prevent and combat money laundering, terrorism financing, and other illicit financial activities. Here’s a summary of key points related to AML regulations in Cameroon.

Know Your Customer (KYC) Requirements

  • Obtaining information on beneficial owners: Financial institutions must obtain information on the beneficial owner(s) of a customer.
  • Verification of identification and address: Identification and address verification is required for customers.

Due Diligence Arrangements

  • Reduced due diligence for low-value transactions: Customer due diligence arrangements are reduced for low-value transactions.
  • Enhanced due diligence for unusual or suspicious activities/transactions: Enhanced due diligence is required for unusual or suspicious activities/transactions.

Politically Exposed Persons (PEPs)

  • Additional due diligence requirements: Additional due diligence is required for PEPs, including senior management authorization before account opening.

Correspondent Banking Relationships

  • Acquiring information on compliance: Banks must acquire information on the compliance of their correspondent with AML regulation.
  • Non-compliance prohibition: Banks are not allowed to establish relationships if the correspondent is non-compliant.

Shell Banks

  • Prohibition of relationships: Relationships with shell banks are specifically prohibited.

Reporting Requirements

  • Suspicious Activity Reports (SARs): SARs are made to the National Agency for Financial Investigation (ANIF).
  • Lack of update on SAR volume: There is no update on the volume of SARs since 2013.

De-minimis Thresholds

  • No de-minimis thresholds: There are no de-minimis thresholds below which transactions do not need to be reported.

Automated Suspicious Transaction Monitoring Technology

  • No requirement for use: There is no requirement to use automated suspicious transaction monitoring technology.

Data Privacy

  • Established data protection laws: Cameroon has established data protection laws.
  • Lack of coverage for KYC purposes: Data protection laws do not cover material likely to be held for KYC purposes.