Cameroon AML & Sanctions Compliance - ANQA

Cameroon AML & Sanctions Compliance

Navigate Cameroon's evolving financial regulatory landscape with Anqa's comprehensive compliance solutions designed for Central Africa's emerging financial sector.

Cameroon Overview

Cameroon has been strengthening its AML/CFT framework, with the National Agency for Financial Investigation (ANIF) and the Banking Commission of Central Africa (COBAC) playing key regulatory roles. As a member of GABAC (Groupe d'Action contre le blanchiment d'Argent en Afrique Centrale), Cameroon is actively working to align its practices with international standards and address identified deficiencies.

Regulatory Framework

Cameroon's approach to Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) is primarily anchored by COBAC Regulation R-2015/01 related to AML/CFT and national laws like Law No. 2014/028 on the Prevention and Suppression of Money Laundering and Terrorism Financing. This framework establishes the legal and operational mechanisms for preventing, detecting, and prosecuting financial crimes within the CEMAC region and nationally.

The AML/CFT framework in Cameroon is complemented by supporting regulations and directives issued by key national and regional bodies, including:

  • National Agency for Financial Investigation (ANIF - Agence Nationale d'Investigation Financière): Cameroon's Financial Intelligence Unit (FIU), responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs) and other financial intelligence.
  • Banking Commission of Central Africa (COBAC - Commission Bancaire de l'Afrique Centrale): The regional banking supervisor for CEMAC (Central African Economic and Monetary Community) member states, including Cameroon. It issues prudential regulations and AML/CFT directives applicable to banks and financial institutions.
  • Bank of Central African States (BEAC - Banque des États de l'Afrique Centrale): The regional central bank for CEMAC states. While COBAC handles direct AML/CFT supervision for banks, BEAC plays a role in overall financial stability and payment systems regulation.
  • Inter-African Conference on Insurance Markets (CIMA - Conférence Interafricaine des Marchés d'Assurances): The regional insurance regulator for several African countries, including Cameroon, setting standards that encompass AML/CFT provisions for the insurance sector.

FATF Status & Engagement

Summary of FATF Standing & Key Issues

Key References/Verification

Compliance Requirements

Financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) operating in Cameroon must implement AML/CFT measures in line with COBAC Regulation R-2015/01, Law No. 2014/028, and other relevant directives. These measures aim to prevent the misuse of the financial system.

Core Obligations

  • Customer Due Diligence (CDD) / Know Your Customer (KYC): Institutions must identify and verify customer identities using reliable, independent sources. Risk-based CDD is crucial, with Enhanced Due Diligence (EDD) for higher-risk customers (e.g., PEPs, extractive industries involvement, complex cross-border trade).
  • Beneficial Ownership Identification: Identify and verify beneficial owners (typically 25% ownership/control threshold or effective control). Cameroon is working to improve access to and accuracy of BO information, a key FATF focus area.
  • Transaction Monitoring: Implement systems to monitor transactions and detect unusual or suspicious activities. Specific vigilance is needed for payments related to extractive industries (e.g., exceeding 5 million XAF) and complex trade finance.
  • Record Keeping: Maintain all customer identification data, transaction records, and related documentation (including STRs) for at least 10 years after the business relationship ends or transaction completion.
  • Reporting Obligations: Promptly file Suspicious Transaction Reports (STRs) with ANIF (e.g., within 48 hours of suspicion). Cash Transaction Reports (CTRs) are required for transactions exceeding a specified threshold (e.g., 5 million XAF).

Key Challenges

  • Extractive Sector Vulnerabilities: The significant extractive industries (oil, gas, mining, timber) present complex financial flows and high ML/TF risks requiring specialized oversight and due diligence.
  • Porous Borders & Informal Trade: Extensive and often informal cross-border trade, particularly with neighboring CEMAC and non-CEMAC countries, complicates fund traceability and AML/CFT enforcement.
  • Beneficial Ownership Transparency: Ensuring timely access to accurate and up-to-date beneficial ownership information for legal persons and arrangements remains a significant challenge.
  • Resource & Capacity Constraints: Limited human, technical, and financial resources for both regulatory bodies (like ANIF) and reporting entities can hinder effective AML/CFT implementation and supervision.
  • Emerging Digital Financial Services: The growth of mobile money and fintech services introduces new ML/TF typologies that require adaptive regulatory responses and enhanced monitoring.

Sanctions Considerations

Cameroon, as a UN member and part of CEMAC, is obligated to implement UN Security Council Resolutions (UNSCRs) concerning targeted financial sanctions (TFS) for terrorism financing and proliferation financing. This is enacted through national laws (e.g., Law No. 2014/028) and regional COBAC directives. Financial institutions and DNFBPs must screen customers and transactions against UN sanctions lists and any applicable CEMAC or national lists. Effective implementation of TFS is a key focus of Cameroon's FATF action plan.

Enhanced due diligence is critical for transactions involving entities or individuals from or connected to jurisdictions identified by FATF as high-risk or under increased monitoring. Particular scrutiny should apply to transactions linked to the extractive sector, PEPs, state-owned enterprises, and cross-border trade, which can be exploited for sanctions evasion.

Key Compliance Challenges in Cameroon

Understanding the unique obstacles facing financial institutions and DNFBPs in Cameroon

1

Extractive Industries Oversight

Managing ML/TF risks associated with Cameroon's vital extractive sector (oil, timber, minerals), including complex payment chains and beneficial ownership opacity.

2

Cross-Border Informal Economy

Addressing illicit financial flows linked to extensive informal cross-border trade, often cash-intensive, within the CEMAC region and beyond, complicating due diligence.

3

Beneficial Ownership Data

Overcoming challenges in accessing and verifying accurate, up-to-date beneficial ownership information for legal entities, crucial for FATF compliance.

4

Resource & Technical Capacity

Strengthening supervisory capacity (ANIF, COBAC) and implementation capabilities within reporting entities, particularly for risk-based approaches and data analysis.

5

Digital Finance & Fintech Risks

Adapting AML/CFT frameworks to manage risks from new financial technologies and mobile money services, ensuring robust KYC and transaction monitoring.

6

Sanctions Implementation

Ensuring effective and consistent implementation of UN targeted financial sanctions across all obliged entities, a key component of Cameroon's FATF action plan.

Anqa's Approach for Cameroon: The Platform

Our comprehensive AML solution tailored for Cameroon's unique regulatory landscape, incorporating Law No. 2014/028, ANIF/COBAC guidelines, and CEMAC regional standards.

1

Cameroon KYC/CDD & Onboarding Hub

Streamlined digital onboarding with biometric verification, liveness detection, and secure document vault. Configurable workflows align with Cameroon's CDD (COBAC R-2015/01, Law No. 2014/028), catering to individuals, SMEs, and corporates, including those in extractive industries.

Benefit: Ensures robust customer identification, aids compliance with ANIF/COBAC guidelines, and supports risk management in high-risk sectors like extractives.

2

Risk-Based Approach for Cameroon (CEMAC)

Dynamic risk scoring engine assessing customer profiles, transaction patterns (XAF), beneficial ownership, and geographical factors. Customizable parameters for Cameroon's risks (extractive sector, cross-border trade with CEMAC/Nigeria).

Benefit: Enables a precise, automated risk-based approach as mandated by Cameroonian/CEMAC AML laws, aiding EDD prioritization and resource allocation.

3

Comprehensive Screening (CEMAC Focus)

Real-time screening against UN, OFAC, EU sanctions lists, PEP databases, and adverse media. Includes focus on CEMAC regional lists and supports custom internal watchlist integration, vital for Cameroon's FATF commitments.

Benefit: Supports adherence to international and CEMAC sanctions, mitigates risks from high-risk entities, and aids ANIF reporting obligations for Cameroon.

4

Transaction Monitoring (XAF & Digital)

Advanced transaction monitoring with scenario-based rules and anomaly detection, tailored for XAF transactions, mobile money, and digital financial services in Cameroon. Supports CTR generation for ANIF.

Benefit: Detects suspicious activities in line with Cameroon's economic context and digital evolution, facilitating timely STR filing to ANIF.

5

Audit Trail & Regulatory Reporting (ANIF/COBAC)

Immutable audit logs for all compliance activities. Streamlined case management and reporting tools, with templates adaptable for ANIF submissions and COBAC oversight requirements for Cameroonian institutions.

Benefit: Ensures accountability, simplifies audits, and assists Cameroonian FIs in meeting diverse reporting duties efficiently under Law No. 2014/028.

6

Localized for Cameroon (French Language & Support)

Platform interface and support available in French. Flexible deployment (cloud/on-premise) for Cameroon's infrastructure. Training geared towards local teams and understanding of COBAC/ANIF regulations.

Benefit: Offers an accessible AML solution for Cameroonian institutions, enhancing adoption and effective use of compliance tools aligned with FATF/GABAC expectations.

Anqa: Partnering for AML/CFT Excellence in Cameroon

Anqa is dedicated to assisting Cameroon in its commitment to enhance its AML/CFT regime and address the points in its FATF action plan. Our platform is engineered not just as software, but as a strategic enabler for Non-Bank Financial Institutions (NBFIs) and Designated Non-Financial Businesses and Professions (DNFBPs) across Cameroon to build and maintain robust compliance cultures.

By delivering solutions that bolster transparency in beneficial ownership, refine risk management especially in high-risk sectors like extractives, and simplify reporting to ANIF and COBAC, we aim to empower Cameroonian entities. Our goal is to help them effectively meet their obligations under Law No. 2014/028 and COBAC Regulation R-2015/01, thereby contributing to the integrity of Cameroon's financial system and its alignment with GABAC and FATF standards. We believe accessible, tailored compliance technology is vital for Cameroon's sustainable economic growth and its standing in the international financial community.

Cameroon — AML & Compliance FAQs

  • 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.

  • 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.

  • 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.

  • 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.

  • 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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