KYC.IO

Global Regulations and Requirements for KYC Onboarding
(powered by KYC-Chain)

KYC to onboard domestic persons

addressname

KYC to onboard international persons

nameaddressverification of identitysource of fund

corporate requirements

verification of the identity and address legal entitieslegal documentslegal representatives

National ID card name

national identity card

Does the country have Esignature Laws?

Law no 2010/021 of 21 december on electronic commerce Cameroon

E-sig law files

What year did the relevant AML laws and regulations become effective?

2005

Further details on AML regime

AML law and regulations became effective in 2005 and are only applicable for banks.

Who is the regulator for AML controls for Banking

The Banking Commission

Link to site

www.beac.int

Other financial Services

N/A

Website of Regulator

N/A

Financial Sector regulator

N/A

Practical Guidance for AML

No.

Is there a requirement to verify the identity of customers retroactively?

Yes.

Retroactive details

Yes, an update of the customer database is required.

Has the country been the subject of FATF mutal evaluation in the last 3 years?

Yes.

Are there minimum transaction thresholds (Y/N)

More details on minimum transaction thresholds.

No, there are no minimum transaction thresholds under which customer due diligence is not required.

What are the requirements for customer identification information for individuals

The requirements are: a) verification of the identity and address of the customer by reference to official identity papers; b) for legal entities, the verification of legal documents and legal representatives is required; c) public officials require heightened scrutiny; and d) the bank must collect information to cover the following: anticipated account activity, source of wealth and sources of funds.

Details to be Collected on Corporates

What are the high level requirements around beneficial ownership (identification and verification)?

The requirements are: a) obtain information on the beneficial owner; and b) verification of the identification and the address of the professional intermediary.

What circumstances are enhanced customer due diligence measures required?

Customer due diligence is enhanced for unusual or suspicious activities/transactions.

How should FI's deal with Politically exposed persons

For a PEP, the bank’s senior management must give authorisation before an account opening. The transactions in their accounts require heightened scrutiny

What enhanced due diligence must be performed for correspondent banking relationships?

Banks must acquire information on the compliance of their correspondent with AML regulation. The relationship must not be established if the correspondent is not compliant with AML regulation.

Are relationships with banks who might be considered a 'shell' and without substance permitted?

Yes

In what circumstances is additional due diligence required for non face-to-face transactions and/or relationships?

For a non face-to-face relationship, a bank must consider the need to perform independent verification.'

To whom are SAR's made? (suspicious activity reports)

National Agency for Financial Investigation (“ANIF”)

Link to website of SAR reporting

www.anif.cm

Other Suspicious or unusual transactions obligations.

There is an obligation to report on transactions where the identity of the beneficiary or the originator is suspicious.

Are there any de-minimis thresholds below which transactions do not need to be reported?

No.

Are there any penalties for non compliance with reporting requirements e.g. tipping off?

No.

Are there any requirements (legal or regulatory) to use automated Suspicious Transaction monitoring technology?

No.

Is there a requirement to obtain authority to proceed with a current/ongoing transaction that is identified as suspicious?

No.

Does the local legislation allow transactions to be monitored outside the jurisdiction?

No.

Is there a legal requirement for a bank’s external auditor/other external organisation to report on the bank’s AML systems and controls?

No.

If an external report on the bank’s AML systems and controls is required: a) how frequently must the report be provided?

N/A

To whom should the report on AML systems be submitted?

N/A

Is an AML system part of the financial statement audit?

N/A

What are the requirements for the content of this external report on a bank’s AML systems and controls? Does it require: a) sample testing of KYC files? b) sample testing of SAR reports? c) examination of risk assessments?

N/A

Data Protection Laws And Personal Data

No.

Data Protection for Corporate Data

N/A

Data protection for "sensitive Data" and additional protections.

N/A

Do any restrictions on the transfer of credit reports exist?

Yes.

Year of last FATF mutual evaluation

N/A

Field 67

independent verification

National ID source

N/A

Passport Photo

Legal Requirement

Requirement to proceed

requirement to use automated suspicious transaction tools

Who are SARS made to?

ANIF

shell banks

Yes

EDD for correspondent banking

Yes

Personal Data protection

Personal Data Protection Act

https://home.kpmg.com/content/dam/kpmg/pdf/2016/07/za-POPI-ACT.pdf

If the AML laws and/or regulations became effective in the last 2 years, what were the requirements of the previous AML regime?

N/A

Non financial sector (e.g. casinos, high value goods etc.)

N/A

Does the country have a risk based approach?

No. There is no risk based approach approved by the local regulator.

Where copies of identification documentation are provided, what are the requirements around independent verification or authentication?

None in practice. Copies of identification documentation are only made by the bank after a visual check. An independent verification is not required

Is there case law, other constitutional law or any other laws or regulations that may impact upon the transfer of information to this jurisdiction?

No.

List of case law, constitutional law or any other laws or regulations that may impact upon the transfer of information.

N/A