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

June 21, 2023

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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, (USA: International Monetary Fund, 2023) accessed November 21, 2024

Summary

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.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Bank supervision, Commercial banks, Crime, Financial institutions, Financial regulation and supervision, Financial Sector Assessment Program, Financial sector policy and analysis, Internal controls, International organization, Monetary policy, Revenue administration

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Bank supervision, Commercial banks, Financial Sector Assessment Program, FSAP's finding, Global, IMF finance competitiveness, IMF-World Bank Financial Sector Assessment Program, Internal controls, Staff team of the International Monetary Fund, TF risk, West Africa, World Bank staff

Publication Details

Pages:

38
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2023/212
Stock No:

1WAUEA2023003
ISBN:

9798400244957
ISSN:

1934-7685

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