Page 21 - GSMA_Congo_Case_Study_ARTWORK
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ENABLING MOBILE MONEY POLICIES IN THE DEMOCRATIC REPUBLIC OF CONGO
Article 28:
Electronic money institutions shall be managed in a sound and prudent manner. To this end, they shall in particular have accounting,
administrative, and financial procedure manuals and appropriate internal control procedures.
The management and procedures implemented must allow them to assess and monitor the financial and non-financial risks they are
exposed to, including technical risks and risks related to activities performed in cooperation with any other businesses that perform
operational or other accessory functions related to their activities.
Procedure manuals must detail the steps to be taken when anomalies are identiied with respect to the prevention of money laundering
and financing of terrorism, based on each institution’s knowledge of their clients.
These anomalies, pursuant to the above paragraph, shall be reported to the Cellule Nationale des Renseignements Financiers/National
Financial Intelligence Unit (CENAREF) referred to in Articles 17 et seq. of the Anti-Money Laundering and Counter-Terrorism Financing
(AML/CFT) Act.
CHAPTER V: PERIODIC REPORTING OBLIGAT IONS
Article 29:
Electronic money issuers shall provide a report of their activities to the Central Bank on a monthly basis. This report shall be signed by
at least two (2) persons with the power to validly bind the institution.
Article 30:
The periodic report shall specifically include:
• Monthly maximum amounts of the limits set by the Central Bank;
• Monthly total of the inancial liabilities related to the electronic money issued and their distribution by city and distributor;
• Number of cases observed where these limits were exceeded during the month;
• Action taken, if any, by the Institution to suspend the issuance or distribution of electronic money in the event of the
aforementioned limits being exceeded;
• Arrangements to deliver to clients the agreement governing the issuance or distribution of electronic money, and those made
in order to ensure compliance with defined redemption terms and conditions;
• Number of redemption requests received and the total value of reimbursements made during the month;
• Amount of maximum storage capacity limits and action taken by the institution to ensure compliance with such limits;
• Suiciently detailed information regarding the results of the aforementioned measures; and
• Number of client complaints.
Article 31:
As part of the prevention of money laundering and financing of terrorism, the periodic report shall specifically include:
• Action taken by the Institution to comply with the legal and regulatory framework related to AML/CFT;
• Detailed summary of the nature, number, and amount of suspicious transactions that were identiied;
• The reasons for the transmission of the suspicious transactions to the AML/CFT Oicer; and
• Action taken, including the transmission to the CENAREF.
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Article 28:
Electronic money institutions shall be managed in a sound and prudent manner. To this end, they shall in particular have accounting,
administrative, and financial procedure manuals and appropriate internal control procedures.
The management and procedures implemented must allow them to assess and monitor the financial and non-financial risks they are
exposed to, including technical risks and risks related to activities performed in cooperation with any other businesses that perform
operational or other accessory functions related to their activities.
Procedure manuals must detail the steps to be taken when anomalies are identiied with respect to the prevention of money laundering
and financing of terrorism, based on each institution’s knowledge of their clients.
These anomalies, pursuant to the above paragraph, shall be reported to the Cellule Nationale des Renseignements Financiers/National
Financial Intelligence Unit (CENAREF) referred to in Articles 17 et seq. of the Anti-Money Laundering and Counter-Terrorism Financing
(AML/CFT) Act.
CHAPTER V: PERIODIC REPORTING OBLIGAT IONS
Article 29:
Electronic money issuers shall provide a report of their activities to the Central Bank on a monthly basis. This report shall be signed by
at least two (2) persons with the power to validly bind the institution.
Article 30:
The periodic report shall specifically include:
• Monthly maximum amounts of the limits set by the Central Bank;
• Monthly total of the inancial liabilities related to the electronic money issued and their distribution by city and distributor;
• Number of cases observed where these limits were exceeded during the month;
• Action taken, if any, by the Institution to suspend the issuance or distribution of electronic money in the event of the
aforementioned limits being exceeded;
• Arrangements to deliver to clients the agreement governing the issuance or distribution of electronic money, and those made
in order to ensure compliance with defined redemption terms and conditions;
• Number of redemption requests received and the total value of reimbursements made during the month;
• Amount of maximum storage capacity limits and action taken by the institution to ensure compliance with such limits;
• Suiciently detailed information regarding the results of the aforementioned measures; and
• Number of client complaints.
Article 31:
As part of the prevention of money laundering and financing of terrorism, the periodic report shall specifically include:
• Action taken by the Institution to comply with the legal and regulatory framework related to AML/CFT;
• Detailed summary of the nature, number, and amount of suspicious transactions that were identiied;
• The reasons for the transmission of the suspicious transactions to the AML/CFT Oicer; and
• Action taken, including the transmission to the CENAREF.
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