West African Economic and Monetary Union: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering and Combating the Financing Terrorism (AML-CFT) Supervision of the Banking Sector

International Monetary Fund

No 2023/212, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical note discusses anti-money laundering and combating the financing terrorism (AML-CFT) supervision of the banking sector in West African Economic and Monetary Union (WAEMU). The decision to focus on the AML/CFT supervision of the WAEMU banking sector was based on the remit of the regional authorities; the importance to the regional economy of a well-integrated and well-functioning banking sector; and the results of money laundering and terrorist financing national risk assessments conducted to date in West Africa, which identify banks as relatively high-risk financial institutions. The AML/CFT off-site supervision program feeds into the risk-rating process but is not itself risk-based and communication with supervised entities is insufficient. Feedback to banks as part of off-site supervision should be enhanced, the on-site inspection methodology should be sharpened, and the risk-based approach should be fully implemented. The observations and recommendations in this report are based on discussions with regional and national authorities and the private sector as well as a review of relevant templates.

Keywords: IMF-World Bank Financial Sector Assessment Program; IMF finance competitiveness; staff team of the International Monetary Fund; TF risk; World Bank staff; FSAP's finding; Anti-money laundering and combating the financing of terrorism (AML/CFT); Commercial banks; Financial Sector Assessment Program; Internal controls; Bank supervision; West Africa; Global (search for similar items in EconPapers)
Pages: 38
Date: 2023-06-21
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