Following the social media publication on sanctions imposed on two banks for terrorist financing”, the association of banking professionals and financial institutions of Burkina Give more details as needed.

Banks and financial institutions in general are under regular supervision by the UMOA Banking Commission as a regulatory body and monitoring. Indeed, in their exercises, recommendations may be given concerning the arrangements of the audited institutions with the aim of ensuring reasonable and effective implementation of the relevant regulatory provisions, in particular with regard to the fight against money laundering of capital and terrorist financing (LBC-FT) to name just one.

Thus, administrative, financial and other sanctions are provided for breaches in organization, governance and security oversight financial.

In addition, following the various checks, some irregularities were noted in the LBC/FT system in some local banks. According to the APBEF, the said audit identified a number of irregularities in the internal LBC/FT system of these banks, which led to financial and administrative sanctions against them for breaches of their internal arrangements, in accordance with the provisions set out in Uniform Law 2016-2016. /AN of 3 May 2016 establishing regulations on the fight against money laundering and terrorist financing. According to him, this is “in no way a case of terrorist financing but rather weaknesses identified in LBC FT's internal system”.