namepermanent addresstelephone numberemaildate of birthplace of birthnationalitywork placefax number
namepermanent addresstelephone numberfax numberdate of birthplace of birthnationalityoccupationsignatureemailemployer's name
identification requirementsnamelegal formform of official identificationaddressnames of directors&CEO
national Identity card
Electronic Signature Proclamation No. 1072/2018
2009
The first AML laws were gazetted on 16 Dec 2009, implementation of a preventive system began in 2012.
the Financial Inteligence Centre (“FIC”), established in 2009 under the National Bank of Ethiopia, is the supervisor of financial institutions with regard to AML obligations. The FIC began limited
operations in 2011 and is designated as the central authority for handling money laundering, terrorist financing, and other related matters in the country
http://www.nbe.gov.et/
the FIC also regulates insurance companies and microfinance institutions
N/A
http://www.mom.gov.et
Yes. The National Bank of Ethiopia has established Customer Due Diligence Directives for banks
No.
No.
A mutual evaluation report took place in May 2015 and was adopted as the first of its kind by Eastern and South African Anti-Money laundering group (“ESAAMLG”) in Arusha, Tanzania on 5 Jun 2015.
Monitored Jurisdiction
Yes
Yes, the proclamation details that the FIC will establish a minimum threshold, which is currently the equivalent of USD10,000
a) individuals identification requirements include:
a. given or legal name and all other names used;
b. permanent address;
c. telephone number, fax number and email address if available;
d. date and place of birth if possible;
e. nationality;
f. occupation, public position held and/or name of employer; and
g. signed statement certifying accuracy of information given.
b) legal entities identification requirements include:
a. name;
b. legal form;
c. some form of official identification (Tax identification Number if available);
d. address;
e. names of Directors and CEO if applicable;
f. provisions regulating the power to bind the legal person or arrangement;
g. board resolution authorizing the representative to open an account; and
h. identification of those with authority to operate an account.
Banks are required to identify the ultimate beneficiaries of accounts using relevant information or data from a reliable source such that they are satisfied that they know who the beneficial owner is/are. Banks are required to determine, for all customers, whether the customer is acting on behalf of another person, and then take reasonable steps to obtain sufficient identification data to verify the identity of that other person.
a) complex transactions; b) unusually large transactions; c) unusual patterns of transactions; d) politically exposed persons; e) non-residents; f) personal asset holding vehicles e.g. trusts; g) transactions with no apparent economic or lawful purpose; h) relationships/Transactions with persons from jurisdictions that have known deficiencies in AML and terrorist Financing Strategies; and i) companies that have shares in bearer form.
Under the Customer Due Diligence directives issued by the National Bank of Ethiopia, all new business relationships with PEPs must be approved by senior management of the entity.
For existing relationships, if a customer becomes a beneficial owner and is subsequently found to be, or subsequently becomes a politically exposed person, continuation of a business relationship with such
person shall be approved by a member of senior management of the bank. Banks are required to undertake reasonable steps to establish the source of wealth and funds for customers and beneficial owners identified as PEPs.
a) for cross border correspondent banking, in addition to normal due diligence, banks are required to: a. gather sufficient information of the correspondent institution to understand their nature of business and establish from publicly available information whether the institution has been subject to AML investigation or regulatory action. b. access their AML and combating terrorism controls d. document the respective AML and combating terrorism responsibilities for each party b) for payments through accounts, banks have to be satisfied that: a. the correspondent institution has done all due diligence checks b. the correspondent institution shall provide upon request relevant customer identification data c) banks shall satisfy themselves that respondent financial institutions in foreign countries do not allow business relationship with shell banks.
Yes
None specified.
The Financial Intelligence Center (“FIC”) under the National Bank of Ethiopia
http://www.nbe.gov.et/).
Yes. The requirement under the National Bank of Ethiopia directives is that all cash deposits or withdrawals exceeding Birr 200,000 (approx. USD10,000), or its equivalent in other foreign currency, should be reported to the FIC.
Yes. Obligatory reporting is applicable to withdrawals/deposits in excess of USD10,000.
Yes. Under no circumstances shall a financial institution, or designated non-financial institution and professions, disclose to customers or third parties information concerning suspected AML and Financing of terrorism information: a) a person convicted of noncompliance with reporting requirements is liable to rigorous imprisonment for three to five years and a fine from ETB5,000 to 10,000 (approx. USD300); and b) legal persons are liable to a fine equal to ten times that of a Natural person.
No.
Suspicious transactions are required to be postponed until they are reported to FIC who will then provide a way forward, except when it is impossible or doing so would frustrate investigative efforts
Not specifically. However, the competent authorities1 are required to provide necessary information to competent authorities of other states.
No.
N/A
N/A
N/A
N/A
No.
N/A
N/A
The National Bank of Ethiopia administers access to the Credit Information Sharing System. This is available to banks upon request.
FIC
2015
none specified
N/A
No
Yes
No
FIC
Yes
Yes
ETB 222,381
10000
Prior to the establishment of an AML framework in Ethiopia, the revised penal code of 2005 had criminalized money laundering
the Ministry of Mines supervises dealers in precious metals and stones and the Ministry of Urban Development, Housing and construction regulates real estate agents.
Yes. Proclamation no 680 – 2013 provides for enhanced customer due diligence where there is a higher risk of money laundering or terrorist financing and simplified customer diligence in the cases where
there is a lower risk of money laundering and terrorist financing.
Institutions are required to verify documents from independent sources, however, no specific requirements around the verification are given.
No.
No.