Regulation to Combat Money Laundering and Financing of Terrorism: Key Provisions
Financial Institutions and Other Entities Required to Report Suspicious Transactions and Maintain Records
Date: March 10, 2023
KINSHASA, CONGO - The Congolese government has introduced new regulations aimed at combating money laundering and financing of terrorism. The regulation requires financial institutions and other entities to report suspicious transactions and maintain detailed records.
Authorized Entities for Requesting Information
According to the regulation, only specific entities are authorized to request information and documents related to transactions that have been reported as suspicious or those suspected of being linked to money laundering or terrorist activities. These entities include:
- National Agency for Financial Investigation (NAFI)
- Judicial authorities
- Supervisory bodies responsible for detecting and punishing offenses related to money laundering
Requirements for Financial Institutions and Other Entities
Financial institutions and other entities subject to the regulation are required to maintain a register of all transactions, recording in chronological order the following information:
- Amount
- Nature of transaction
- Identity of customer
- References of official documents presented
The register must be numbered and initialled by the competent administrative authority and kept for at least five years after the last operation recorded.
Additional Requirements for Casinos and Gaming Establishments
Casinos and gaming establishments are also subject to the regulation, which requires them to:
- Submit an activity statement before commencing operations, including proof of origin of funds
- Record and keep for at least five years the names and addresses of players exchanging or bringing in particular chips or tickets for an amount exceeding a certain threshold
Reporting Suspicious Transactions
The regulation outlines the obligation to report suspicious transactions to NAFI, which includes:
- Transactions involving money or goods that could be derived from a crime or offense
- Transactions considered as money laundering
Financial institutions and other entities are required to report any transaction for which the identity of the originator or beneficiary remains doubtful despite diligent efforts.
Exemptions from Liability
The regulation provides for exemptions from liability for amounts or transactions that have been reported and for which procedures prescribed by the regulation have been followed, provided that individuals acted in good faith.
Strengthening AML/CFT Framework
The new regulations aim to strengthen the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) framework, in line with international standards.