Financial Crime World

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Burkina Faso Adopts Strict Know Your Customer Rules to Combat Money Laundering and Terrorist Financing

In an effort to curb illicit activities such as money laundering and terrorist financing, Burkina Faso has introduced stringent Know Your Customer (KYC) rules for financial institutions. As part of this initiative, the government has mandated that banks and other financial entities conduct thorough KYC checks on their clients.

Expert Services at CERI

At CERI, we have been at the forefront of implementing these regulations since 2014, providing expert services to domestic and international clients. Our dedicated KYC team, comprising over 200 employees, works tirelessly to ensure compliance with laws and regulations while safeguarding our clients from illicit activities.

Multi-Step Process

Our team employs a multi-step process that includes:

  • Analysis and acquisition of data and documentation
  • Verification of documents for formality
  • Assessment of the consistency and completeness of data
  • Clarification of discrepancies
  • Identification of the beneficial owner (UBO/SBO) even in complex structures, collecting evidence of ownership at all levels and across different jurisdictions

Additional Screening Measures

Our KYC services also include:

  • Manual and automatic screening using leading platforms such as Dow Jones/Factiva/WLF Actimize/RDC/Lexis Nexis to detect potential red flags related to:
    • Sanctions
    • Negative news
    • Politically exposed persons
    • Blacklisted individuals
  • Risk assessments categorizing clients into low, medium, or high-risk categories based on legal, regulatory, and reputational risks

Expert Business Support

To ensure the effectiveness of our services, we provide expert business support by assisting clients in:

  • Strategic projects aimed at optimizing their operating model
  • Implementing Smart Automation solutions to enhance efficiency

Our commitment to efficiency, flexibility, and responsibility has enabled us to build a strong reputation as a leading KYC provider in Burkina Faso.

Confidence in Compliance

As a result of these efforts, financial institutions in Burkina Faso can now confidently conduct business with clients knowing that they are compliant with the country’s strict KYC regulations.