Custodial wallet / SaaS in Guinea

Custody Providers: Providing services for safeguarding cryptographic keys or virtual assets on behalf of customers is not permitted.

Cryptocurrency Exchanges: Operating a platform for buying, selling, or exchanging cryptocurrencies is not permitted.

Payment Processors (for Virtual Assets): Facilitating payments or transfers using cryptocurrencies is not permitted.

AML/KYC: The general anti-money laundering and combating the financing of terrorism (AML/CFT) laws and regulations of Guinea would still apply to any financial activity. These laws would make it extremely difficult (and likely illegal) to process transactions for unregulated assets like cryptocurrencies without proper identification and reporting mechanisms.

Local Presence: For any recognized financial institution, a physical local presence and registration would be mandatory.

The speculative nature and extreme volatility of cryptocurrencies.

Their lack of legal tender status and absence of intrinsic value.

The high risk of fraud, scams, money laundering, and terrorist financing.

The absence of regulatory oversight and consumer protection mechanisms.

The fact that they are not recognized as legitimate currencies or financial instruments under Guinean law.

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.

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.

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.

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.

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).

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.

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.

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.

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.

Transaction Records: All records of financial transactions, including the amounts, currencies, virtual assets involved, dates, and parties to the transaction.

Customer Identification Data: All documents and information obtained during the CDD process (e.g., copies of identification documents, beneficial ownership information).

Correspondence: All relevant correspondence relating to customer relationships and transactions.

Cellule Nationale de Traitement des Informations Financières (CENTIF-Guinée)

Regulator Name: Banque Centrale de la République de Guinée (BCRG) - (Central Bank of the Republic of Guinea)

Entity Targeted: The general public, financial institutions, and implicitly, any unregistered cryptocurrency operators or promoters within Guinea. Violation Type: Engaging with or promoting financial instruments (cryptocurrencies) that are not recognized as legal tender, are volatile, speculative, and outside the regulated financial system, posing risks of fraud, money laundering, and financial instability. This is a preventative warning rather than a direct violation levied against an entity. Penalty Amount: Not applicable (this is a public warning, not a fine against an entity).

Date: Multiple warnings have been issued over recent years, with renewed emphasis. For instance, reports from early 2022 and 2023 reiterated these positions.

Outcome: Heightened public awareness of the risks, discouragement of widespread crypto adoption, and a clear signal to financial institutions to avoid dealing with crypto assets. It also serves as a foundational stance for any future enforcement.

No dedicated crypto regulatory body: Guinea does not have a specific regulatory body solely focused on cryptocurrency, nor a comprehensive legal framework for crypto assets.

Lack of specific fines: There have been no widely reported instances of the BCRG or another financial authority levying specific fines against crypto exchanges or platforms for regulatory non-compliance, largely because such entities would be operating outside any recognized framework.

Focus on fraud: Any direct "enforcement" actions are more likely to fall under general criminal law for fraud or illegal financial operations, rather than specific crypto regulations.