Guinea Banks Face Tighter Compliance Procedures Amid Global Scrutiny

A comprehensive evaluation of Guinea’s banking sector has revealed significant gaps in compliance procedures, prompting international financial authorities to urge the West African country to step up its game.

FATF Assessment Finds Significant Gaps

The assessment, conducted by the Financial Action Task Force (FATF), was based on the 2012 FATF Recommendations and utilized a methodology established in 2013. The evaluation team visited Guinea from December 5 to 16, 2022, gathering information from local sources and conducting on-site inspections.

Key Areas Requiring Urgent Attention

The findings of the assessment were reviewed and endorsed by the FATF, which has identified key areas requiring urgent attention. Some of the highlights include:

• Inadequate customer due diligence: Guinea’s banks need to improve their processes for verifying the identity of customers and assessing the risks associated with certain transactions.
• Weaknesses in reporting suspicious transactions: The country’s financial institutions must enhance their systems for detecting and reporting unusual activity to prevent money laundering and terrorist financing.
• Insufficient supervision and enforcement: Guinea’s banking regulatory authorities need to strengthen their oversight and enforcement mechanisms to ensure compliance with anti-money laundering regulations.

Full Report Available Online

The full report of the FATF assessment is available online, providing further details on the findings and recommendations. The international community is closely monitoring Guinea’s progress in addressing these key areas to ensure a safer and more stable financial system.