Guinea -- AML/CFT Compliance Regulatory Overview

Guinea, like many countries, is in the process of developing its regulatory framework for virtual assets (cryptocurrencies) and Virtual Asset Service Providers (VASPs). While specific, dedicated legislation solely for VASPs is still evolving, Guinea's general Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) framework is broad enough to encompass VASPs under existing definitions of financial institutions or designated non-financial businesses and professions (DNFBPs), especially given the global standards set by the Financial Action Task Force (FATF) and the regional body, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), to which Guinea is a member.

Here's a breakdown based on Guinea's current AML/CFT landscape:

AML/CFT Legislation in Guinea

The primary legislation governing AML/CFT in Guinea includes:

1. Law N° L/2018/005/AN concerning the Fight Against Money Laundering and Terrorist Financing (LBC/FT): This is the fundamental legal text. It replaced older legislation and aims to align Guinea's framework with international standards, particularly the FATF recommendations.
2. Decree N° D/2019/078/PRG/SGG of 29 March 2019, on the Application of Law N° L/2018/005/AN: This decree provides the implementing details for the AML/CFT law.

Key Point for VASPs: While these laws might not explicitly mention "cryptocurrency" or "virtual assets" with extensive definitions, their broad scope regarding "financial institutions," "financial activities," and "new technologies" often allows for the application of AML/CFT obligations to emerging sectors like virtual assets. As FATF Recommendation 15 explicitly calls for VASPs to be regulated for AML/CFT purposes, Guinea, as a GIABA member, is expected to apply these requirements.

Customer Due Diligence (CDD) Requirements for VASPs

Based on the general AML/CFT laws and FATF standards, VASPs in Guinea would be expected to apply the following CDD measures:

1. Identification and Verification of Customer Identity:
   • For natural persons: Full name, address, date of birth, nationality, unique identification number (e.g., national ID, passport). Verification using reliable, independent source documents, data, or information.
   • For legal entities: Name, legal form, address, proof of existence, names of directors/partners, legal representatives, and identification of the beneficial owners.
2. Identification of Beneficial Owners: Take reasonable measures to understand the ownership and control structure of the customer and identify the natural persons who ultimately own or control the customer.
3. Understanding the Purpose and Nature of the Business Relationship: Obtain information on the intended nature of the business relationship or transaction (e.g., source of funds/wealth, type of virtual assets involved, transaction patterns).
4. Ongoing Due Diligence: Conduct ongoing monitoring of the business relationship and transactions to ensure they are consistent with the VASP's knowledge of the customer, their business, and risk profile.
5. Risk-Based Approach (RBA): VASPs must implement an RBA, meaning they should apply enhanced due diligence (EDD) for higher-risk situations (e.g., transactions involving politically exposed persons (PEPs), customers from high-risk jurisdictions, complex or unusually large transactions, new or developing technologies and products). Conversely, simplified due diligence (SDD) may be applied in lower-risk scenarios.

Suspicious Transaction Reporting (STR) Obligations

VASPs, like other financial institutions, are obligated to:

1. Report Suspicious Transactions: Immediately report any transaction (or attempted transaction) that they suspect involves money laundering or terrorist financing to the Financial Intelligence Unit (FIU). This includes transactions regardless of the amount.
2. No Tipping-Off: Not disclose to the customer or any third party that a report has been made or that a money laundering or terrorist financing investigation is being conducted.
3. Timeliness: Reports must be filed promptly after suspicion is formed.

Record-Keeping Obligations

VASPs must maintain records for a prescribed period to assist in any investigations:

1. Transaction Records: All records of financial transactions, including the amounts, currencies, virtual assets involved, dates, and parties to the transaction.
2. Customer Identification Data: All documents and information obtained during the CDD process (e.g., copies of identification documents, beneficial ownership information).
3. Correspondence: All relevant correspondence relating to customer relationships and transactions.

The typical minimum retention period for such records is five (5) years after the business relationship is terminated or after the date of the occasional transaction.

Authority Overseeing Compliance

The primary authority responsible for overseeing AML/CFT compliance in Guinea is:

• Cellule Nationale de Traitement des Informations Financières (CENTIF-Guinée)
  • Description: This is Guinea's Financial Intelligence Unit (FIU). CENTIF is the central national authority responsible for receiving, analyzing, and disseminating suspicious transaction reports to competent authorities for investigation. It is responsible for ensuring compliance with AML/CFT obligations across all obliged entities.
  • URL: While a dedicated, fully independent website for CENTIF-Guinée might be challenging to find or directly navigate in English, information about it is often available through the Guinean government portals or GIABA's website. A common general link could be a government page referring to it or the Ministry of Economy and Finance.
    • Possible Government Portal / CENTIF Link: https://centif.gov.gn/ (This appears to be the most direct official portal for CENTIF-Guinée).

Other Relevant Authorities:

• Banque Centrale de la République de Guinée (BCRG): As the central bank, the BCRG is responsible for regulating and supervising the traditional financial sector. While CENTIF handles STRs and general AML oversight, the BCRG might be involved in licensing and prudential supervision of entities that provide financial services, which could eventually include VASPs.
  • URL: https://www.bcrg-guinee.org/

Important Note for VASPs in Guinea:

Given the evolving nature of virtual asset regulation globally, and specifically in Guinea, it is crucial for any VASP operating or intending to operate in Guinea to:

• Stay Updated: Monitor any new pronouncements or guidelines from CENTIF-Guinée or the BCRG.
• Proactive Engagement: Consider engaging with the regulators to understand their current expectations and any forthcoming specific requirements for VASPs.
• Legal Counsel: Obtain local legal counsel to ensure full compliance with current laws and to prepare for any future specific regulations regarding virtual assets.

While specific, dedicated VASP regulations may still be under development, the general AML/CFT framework based on FATF standards would expect VASPs to implement robust AML/KYC controls to mitigate risks associated with virtual asset transactions.