Cameroon AML & Sanctions Compliance
Navigate Cameroon's evolving financial regulatory landscape with Anqa's comprehensive compliance solutions designed for Central Africa's emerging financial hub.
Regulatory Framework
Cameroon's AML/CFT framework is primarily governed by the CEMAC Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Regulation and the National Financial Investigation Agency (ANIF) Act, with regulations issued by:
- Banking Commission of Central African States (COBAC) - Financial sector supervision
- National Financial Investigation Agency (ANIF) - Financial intelligence unit
- Ministry of Finance - Policy coordination
- Central African Banking Commission (BEAC) - Regional central bank
FATF Status
Cameroon is working to strengthen its AML/CFT regime. The country is partially compliant with FATF Recommendations, with ongoing efforts to enhance financial sector supervision, STR reporting, and international cooperation. Cameroon's regulatory framework continues to evolve to address emerging risks and maintain its position as a key financial center in Central Africa.
Compliance Requirements
Core Obligations
- CDD/KYC: Enhanced due diligence required for high-risk customers, including PEPs and complex structures. Risk-based approach with specific requirements for different customer types.
- Transaction Monitoring: Automated systems required for monitoring suspicious patterns. Threshold-based monitoring for specific transaction types.
- Record Keeping: Maintain records for at least 5 years after cessation of relationship.
- Reporting: Submit suspicious transaction reports (STRs) within 15 days of forming suspicion. Report all cash transactions above XAF 2,000,000 (CTRs).
- Risk Assessment: Implement documented risk assessment approaches at customer, product, and institutional levels.
Key Challenges
- Regulatory Complexity: Multiple regulatory bodies with overlapping jurisdictions and evolving requirements.
- Digital Financial Services: Rapid growth of mobile money and digital banking requiring adaptive compliance approaches.
- Beneficial Ownership: Complex corporate structures and nominee arrangements create challenges in identifying and verifying ultimate beneficial owners.
- Cross-Border Transactions: High volume of international transactions requiring sophisticated screening.
- Regulatory Expectations: High standards for compliance programs and risk management.
Sanctions Considerations
Cameroon implements UN Security Council resolutions and maintains its own sanctions regime. The country has screening requirements, particularly for cross-border transactions and correspondent banking relationships. Financial institutions must implement specialized handling for defense-related transactions and heightened screening for transactions involving high-risk jurisdictions.
As a key financial center in Central Africa, Cameroon faces increasing pressure to balance local regulatory requirements with global sanctions compliance expectations, particularly in trade finance and mobile money services.
Key Compliance Challenges
Understanding the unique obstacles facing financial institutions in Cameroon
Regulatory Complexity
Cameroon's financial system is regulated by multiple authorities including COBAC, ANIF, and BEAC, each with their own AML/CFT requirements, creating a complex compliance landscape for financial institutions operating across different sectors.
Digital Financial Services
The rapid growth of mobile money and digital banking requires careful management of new payment channels while ensuring compliance with both AML regulations and data protection requirements.
Beneficial Ownership
Complex corporate structures and nominee arrangements create challenges in identifying and verifying ultimate beneficial owners, particularly in wealth management and private banking.
Sanctions Compliance
Cameroon's position as a regional financial hub requires sophisticated sanctions screening capabilities, particularly for trade finance, mobile money, and correspondent banking relationships.
Regulatory Expectations
Cameroonian regulators maintain high expectations for AML/CFT compliance, requiring sophisticated transaction monitoring systems, regular independent audits, and continual enhancements to address emerging risks.
Reputational Risk
Cameroon's position as a leading financial center in Central Africa creates heightened reputational risks for institutions operating in the jurisdiction, with potential AML/CFT violations attracting significant regulatory attention and media coverage.
Anqa's Approach for Cameroon
Our comprehensive AML solution tailored for Cameroon's regulatory requirements and diverse financial landscape.
Digital KYC & Onboarding Platform
Electronic KYC integration with Cameroon's national ID system, centralized repository, and enhanced due diligence workflows for high-risk customers.
Customer Risk Assessment Engine
Five-dimensional risk classification aligned with COBAC guidelines with behavior-driven risk adjustments for Cameroon's financial ecosystem.
Sanctions & Watchlist Screening
Screening against ANIF and international lists with fuzzy matching optimized for Cameroon's diverse naming conventions and continuous rescreening capabilities.
Mobile Money Compliance
Specialized compliance tools for mobile money operators with enhanced transaction monitoring and source of funds documentation.
Compliance Workflow Platform
Centralized case management aligned with COBAC requirements, complete audit logging, and structured user permissions for complex organizational structures.
Deployment & Pricing
No setup fees, modular pricing, cloud-based with scalable licensing (user or transaction-based).
Cameroon — AML & Compliance FAQs
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In Cameroon, AML compliance is regulated by the National Financial Investigation Agency (ANIF) and the Central African Banking Commission (COBAC). These bodies enforce anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations for financial institutions, mobile money providers, fintechs, and other reporting entities across the CEMAC region.
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Businesses in Cameroon must perform customer due diligence (CDD), monitor transactions for suspicious activity, maintain detailed records, and submit Suspicious Transaction Reports (STRs) to ANIF. Following the COBAC AML regulations and understanding how to file an STR with ANIF Cameroon are critical for maintaining full Cameroon AML compliance and avoiding enforcement actions.
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A Suspicious Transaction Report (STR) must be submitted to the National Financial Investigation Agency (ANIF) when there are reasonable grounds to suspect money laundering, terrorist financing, or related crimes. Businesses must promptly file through approved channels, ensuring compliance with Cameroon AML compliance obligations under regional CEMAC standards.
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Yes. Mobile money operators, payment platforms, and fintechs in Cameroon are fully regulated under Cameroon AML compliance standards. They must adhere to mobile money KYC regulations Cameroon, including strong KYC onboarding, transaction monitoring, and immediate reporting of suspicious activities in line with COBAC and ANIF requirements.
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Anqa Compliance provides cost-effective compliance software solutions tailored for businesses operating in Cameroon. Our platform streamlines KYC onboarding to meet mobile money KYC regulations Cameroon, automates transaction monitoring, and simplifies STR submission processes — helping SMEs, fintechs, and financial institutions achieve Cameroon AML compliance efficiently and affordably.
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