Burkina Faso AML & GIABA Compliance Guide (2025) | Anqa

Burkina Faso Overview

Burkina Faso has strengthened its AML/CFT framework in recent years, with the Central Bank of West African States (BCEAO) and the National Financial Information Processing Unit (CENTIF) as the primary regulators overseeing the financial sector. The country is actively working to address strategic deficiencies identified by FATF/GIABA.

Regulatory Framework

Burkina Faso's AML/CFT framework is primarily governed by Law No. 016-2016/AN on Combating Money Laundering and Terrorist Financing (and its subsequent amendments/implementing decrees) and regional WAEMU directives. Key regulatory and supervisory bodies include:

  • National Financial Information Processing Unit (CENTIF-BF): The FIU of Burkina Faso.

    Key Focus: Continued focus on improving the quality and analytics of STR/CTR submissions, especially from DNFBP sectors like mining.

  • Central Bank of West African States (BCEAO): Regional central bank and supervisor for banks.

    Key Focus: Increased supervisory attention on the implementation of risk-based controls for cross-border transactions and digital financial services.

  • WAEMU Banking Commission: Regional banking supervisor.
  • Regional Insurance Control Commission (CRCA - CIMA): Regional insurance supervisor for CIMA members.

FATF Status & Engagement

FATF Public List Status (as of June 2025): Jurisdiction under Increased Monitoring (Grey List).

Summary of FATF Standing & Key Issues

Burkina Faso is listed as a 'Jurisdiction under Increased Monitoring' as of the FATF plenary in June 2025. The country maintains its high-level political commitment to work with FATF and its regional body, GIABA, to resolve outstanding strategic deficiencies in its AML/CFT regime.

Key areas for improvement continue to focus on strengthening risk-based supervision and demonstrating the effective implementation of targeted financial sanctions (TFS) for terrorism financing (TF) and proliferation financing (PF).

Key References/Verification

Compliance Requirements

Financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) in Burkina Faso must implement AML/CFT measures aligned with national laws and WAEMU directives to prevent financial system misuse.

Core Obligations

  • CDD/KYC: Financial institutions and DNFBPs must conduct risk-based customer due diligence (CDD), including identifying and verifying beneficial owners. Enhanced Due Diligence (EDD) is required for high-risk customers (e.g., PEPs), complex transactions, and relationships involving high-risk jurisdictions or sectors like mining.
  • Beneficial Ownership: Entities must identify, verify, and maintain up-to-date information on beneficial owners (typically 25% threshold or control). Authorities are working to improve the accessibility and accuracy of BO information through a central registry.
  • Transaction Monitoring: Implement risk-based systems to monitor transactions for unusual or suspicious activities. Specific attention to large cash transactions (thresholds apply, e.g., 5-10 million XOF), mining-related payments, and cross-border flows.
  • Record Keeping: Maintain all CDD records, transaction details, and related correspondence for a minimum of 5 to 10 years (as per national law/WAEMU directives) after the business relationship ends or transaction is completed.
  • Reporting: File Suspicious Transaction Reports (STRs/DDS) with CENTIF-BF promptly (e.g., within 48 hours of suspicion). Cash Transaction Reports (CTRs/DO) for transactions exceeding legal thresholds must also be filed.

Key Challenges (Operational)

  • Mining Sector Risks: The artisanal and industrial mining sector presents significant ML/TF risks due to cash intensity, informality, and cross-border smuggling, requiring robust EDD.
  • Informal Economy & Porous Borders: Large informal sector and porous borders facilitate illicit financial flows, trade-based money laundering, and TF, complicating CDD and monitoring.
  • Agricultural Value Chains: Complex agricultural value chains can be exploited for ML, particularly in financing and export/import operations.
  • Capacity & Resources: Limited technical capacity and resources for both supervisors and reporting entities can hinder effective implementation and enforcement of AML/CFT measures.
  • Terrorism Financing Risks: Ongoing security challenges in parts of the country and the Sahel region heighten TF risks, requiring vigilance in monitoring and reporting.

Sanctions Considerations

Burkina Faso is obligated to implement UN Security Council sanctions. Financial institutions and DNFBPs must have systems to screen customers and transactions against relevant UN sanctions lists and any applicable regional (e.g., ECOWAS) or national restrictive measures. Particular focus is needed on TF and PF sanctions.

Compliance programs should include procedures for identifying and freezing assets of designated persons/entities without delay and reporting actions to competent authorities. Challenges include awareness, timely updates to lists, and effective implementation across all sectors, especially given the FATF focus on improving TFS.

Key Compliance Challenges in Burkina Faso

Navigating the specific AML/CFT obstacles in Burkina Faso's operating environment.

High-Risk Sector Oversight

Effectively managing ML/TF risks in dominant sectors like artisanal mining and agriculture, which are often cash-intensive and have informal elements.

Beneficial Ownership Transparency

Ensuring accurate and timely identification and verification of beneficial owners, particularly for complex structures and in DNFBP sectors, remains a critical focus area.

Terrorism Financing Detection

Identifying and reporting potential TF activities amidst regional security threats and complex funding channels, including NPOs and informal remittances, is paramount.

Supervisory Capacity & Reach

Strengthening risk-based supervision across all reporting entities, especially DNFBPs, and ensuring consistent enforcement of AML/CFT obligations.

Cross-Border Financial Flows

Monitoring and controlling illicit financial flows through porous borders and informal channels, including trade-based money laundering and cash smuggling.

Sanctions Implementation Effectiveness

Ensuring robust and timely implementation of targeted financial sanctions (UN, regional) for TF and PF, a key area highlighted by FATF for improvement.

Anqa's Tailored Approach for Burkina Faso

Our solutions are designed to address Burkina Faso's specific AML/CFT challenges and regulatory requirements, aligning with Law 016-2016/AN and GIABA recommendations.

GIABA-Aligned Risk Profiling

Customer risk assessment tools incorporating GIABA's findings and national risk assessment priorities for Burkina Faso, focusing on mining, agriculture, PEPs, and cross-border activities.

Benefit: Precise risk categorization aligned with local ML/TF typologies and FATF action plan items.

Enhanced Due Diligence (EDD) for Key Sectors

Workflows and checklists to support thorough EDD for entities in high-risk sectors (mining, agriculture), including verification of BO and source of funds/wealth, crucial for addressing GIABA's concerns.

Benefit: Robust compliance for sectors vulnerable to financial crime, supporting national efforts.

Comprehensive Watchlist & TFS Screening

Real-time screening against UN, ECOWAS/WAEMU sanctions lists, plus specialized TF and PF watchlists relevant to the Sahel region. Supports effective implementation of Targeted Financial Sanctions.

Benefit: Addresses a key FATF strategic deficiency by strengthening TFS implementation.

TF-Focused Transaction Monitoring

AI-driven monitoring with scenarios tailored to detect potential TF indicators, including transactions involving high-risk NPOs, informal value transfers, or border regions, as per GIABA MERS.

Benefit: Supports CENTIF-BF reporting and addresses critical TF risks in line with FATF expectations.

BO Management & Reporting

Tools to assist in collecting, verifying, and maintaining beneficial ownership information, facilitating compliance with registry requirements and supporting investigations as per FATF's action plan focus.

Benefit: Aids in meeting transparency obligations and strengthening BO data accessibility.

Regulatory Reporting Automation (STR/CTR)

Automated generation of STRs and CTRs in formats compliant with CENTIF-BF requirements, reducing manual effort and improving accuracy for effective FIU collaboration.

Benefit: Ensures timely and accurate reporting to the FIU, supporting national AML/CFT efforts.

Anqa: Partnering for AML/CFT Excellence in Burkina Faso

Anqa is committed to empowering financial institutions and DNFBPs in Burkina Faso to achieve the highest standards of AML/CFT compliance. Our solutions are designed not only to meet the current regulatory requirements, including those set forth by CENTIF-BF, BCEAO, and in alignment with GIABA's recommendations and FATF's action plan for Burkina Faso, but also to anticipate future challenges in this dynamic West African market.

We provide robust, adaptable, and user-friendly tools that enable effective risk management, streamline compliance processes, and support Burkina Faso's efforts in combating financial crime and exiting the FATF grey list. Partner with Anqa to build a resilient compliance framework that protects your institution and contributes to the integrity of Burkina Faso's financial system.

Burkina Faso — AML & Compliance FAQs

  • AML/CFT compliance is regulated by CENTIF-Burkina Faso, which monitors suspicious transaction reports and enforces laws aligned with GIABA and WAEMU frameworks.

  • MFIs must perform customer due diligence, report suspicious transactions, and maintain detailed records — just like banks. Enhanced due diligence may be required for high-risk clients.

  • Yes. Financial and non-financial institutions must screen clients and transactions against global sanctions lists, particularly those issued by the UN Security Council.

  • Real estate agents and gold dealers are high-risk DNFBPs. They must implement risk-based AML measures, including KYC checks and monitoring of large or unusual transactions.

  • Platforms like Anqa automate Onboarding, risk scoring, and sanctions screening, making it easier for small entities to meet AML standards without needing complex infrastructure.