Know Your Customer (KYC) Requirements in Gabon: A Guide for Financial Institutions

Financial institutions operating in Gabon must implement robust customer due diligence measures to prevent money laundering and terrorist financing, in line with international best practices.

Overview of Anti-Money Laundering (AML) Laws and Regulations

Gabon’s AML laws and regulations came into effect in 2005, specifically targeting banks. The country’s Banking Commission is the primary regulator responsible for overseeing AML controls in the banking sector.

Customer Due Diligence Requirements

Financial institutions must verify the identity of their customers, including individuals and legal entities, by referencing official documents. Public officials require heightened scrutiny, while banks must collect information on:

• Anticipated account activity
• Source of wealth
• Sources of funds

Beneficial Ownership Requirements

Beneficial ownership requirements involve obtaining information on beneficial owners and verifying their identification and address.

Enhanced Customer Due Diligence Measures

Enhanced customer due diligence measures are necessary for:

• Low-value transactions
• High-risk customers
• Politically exposed persons (PEPs)

Correspondent Banking Relationships

For correspondent banking relationships, financial institutions must acquire information on the compliance of their correspondents with AML regulations. The relationship cannot be established if the correspondent is not compliant.

Reporting Suspicious Activity and Record-Keeping

Financial institutions in Gabon are required to:

• Report suspicious activity to the National Agency for Financial Investigation (ANIF)
• Maintain records of all transactions exceeding a certain threshold

FATF Mutual Evaluation and Transaction Thresholds

Gabon has undergone a FATF mutual evaluation, although the report is not publicly available. There are no minimum transaction thresholds below which customer due diligence is not required.

Practical Implementation

In practice, financial institutions in Gabon rely on manual verification methods to authenticate customer identification documents. Independent verification or authentication is not mandatory, and copies of identification documents are only made by banks after a visual check.

Risk-Based Approach and Data Protection

The country does not have a risk-based approach approved by the local regulator, and there are no restrictions on the transfer of credit reports. Data protection laws and regulations do not apply in this context.

Conclusion

For financial institutions operating in Gabon, it is essential to understand these KYC requirements to ensure compliance with AML regulations and avoid potential penalties for non-compliance.