AML-CFT Supervisory Authorities

Introduction

The supervisory authorities constitute a fundamental element in the institutional architecture of the Fight against Money Laundering and the Financing of Terrorism (AML-CFT) in Côte d'Ivoire. Their strategic role is part of a systemic approach to the supervision of the national AML-CFT system.

Institutional Framework and Missions

Supervisory Function

The supervisory authorities exercise a tripartite mission encompassing supervision, verification and the application of administrative sanctions. This responsibility is exercised within the framework of a risk-based approach, in accordance with international standards.

Main Responsibilities

Their responsibilities are structured around three major axes :

Supervision of the application of AML-CFT measures by subject entities, including:

• Monitoring regulatory compliance

• Verification of statistical systems

• Evaluation of staff training programs

Conducting sectoral risk assessments, enabling:

• Identification of specific vulnerabilities

• Adaptation of control measures to sectoral specificities

Application of the sanction regime provided for in Article 4, including three levels of administrative sanctions

Prerogatives and Powers

The supervisory authorities have an arsenal of extensive powers:

• Carrying out on-site and documentary checks

• Access to relevant documents and information

• Exercising the right of communication

• The power to impose administrative sanctions that may include fines, withdrawals of authorization or prohibitions on practicing

Architecture Institutional

The distribution of control skills is organized according to a sectoral logic:

Regulated Professions

• The Council of the Order of Chartered Accountants of Côte d'Ivoire for chartered accountants and auditors

• The order of lawyers : for lawyers

• The Chamber of Notaries for notaries

• The National Commission of Judicial Representatives for judicial representatives

• The National Chamber of Judicial Commissioners: supervision of judicial commissioners

Specific Economic Sectors

• The Gambling Regulatory Authority (ARJH) for casinos and gaming establishments

• The General Taxes Administration (DGI) for tax advice

• The Commission for the Approval of Real Estate Developers and Programs (CAPPI) for the real estate sector

• The General Custom Administration for freight forwarders and commission agents approved

Conclusion

This institutional control system, structured and hierarchical, constitutes an essential link in the effectiveness of the national AML-CFT system. Its sectoral organization allows for supervision adapted to the specificities of each profession subject to it, thus reinforcing the overall effectiveness of the system for combating money laundering and the financing of terrorism in Côte d’Ivoire.