Obligations of NPOs in AML/CFT Matters in Ivory Coast

The fight against money laundering and terrorist financing (AML/CFT) is a major challenge for Côte d'Ivoire 🌍, particularly in the non-profit organization (NPO) sector 🤝. Faced with the growing risks of misuse of NPOs for money laundering or terrorist financing purposes, the Ivorian regulatory framework imposes specific obligations on these organizations ⚖.

Legal Framework 📜

The AML/CFT regulations in Côte d'Ivoire are based on the WAEMU directives 🏛 and Ordinance No. 2023-875. This legislative framework defines the vigilance and reporting obligations applicable to NPOs 📂.

Vigilance Obligations 👀

NPOs must implement rigorous procedures for identifying and verifying:
• The identity of major donors 🆔
• The origin of funds received 💵
• The identity of beneficial owners 👤
• Partners and subcontractors 🤝

Documentation and Traceability 🗂

Non-profit organizations are required to:
• Keep transaction documents for 10 years 🕒
• Keep regular and detailed accounting 📊
• Document the use of resources 📋
• Prepare annual activity reports 📝

Reporting Obligations 📨

NPOs must:
• Report any suspicious transaction to CENTIF ❗
• Report any cash transaction equal to or greater than 15 million FCFA to CENTIF 💰, in accordance with the 2017 BCEAO decision
• Regularly communicate their financial statements 📈
• Submit an annual report on their AML/CFT compliance ✅

Internal Control 🔍

An internal control system must be established, including:
• The appointment of a compliance officer 👨‍💼
• Continuous training of staff 🎓
• Regular risk assessment 📉
• The establishment of written procedures 🖋

Sanctions ⚠

Failure to comply with these obligations may result in:
• Administrative sanctions 📑
• Financial fines 💸
• Temporary suspension of activity ⏸
• Withdrawal of approval 🚫

The effective application of these measures requires close collaboration between NPOs and the supervisory authorities 🤝. Continuous awareness-raising and training of sector stakeholders remain essential to strengthen the effectiveness of the AML/CFT system in Côte d'Ivoire