By: Binta Jaiteh
The Central Bank of The Gambia (CBG) will conduct a special audit focusing on sub-accounts and foreign currency transactions, according to Hon. Seedy Keita, Minister of Finance and Economic Affairs.
Minister Keita announced while responding to a Parliamentary inquiry report concerning the importation and sale of 36,935.614 metric tonnes of petroleum products, valued at $30 million.
He informed lawmakers that the audit will be undertaken in collaboration with the Financial Intelligence Unit (FIU) and that the existing Know Your Customer (KYC) regulations will be revised to explicitly include the operations of sub-accounts, which have come under scrutiny.
The Minister disclosed that following prudential supervision visits to Access Bank Gambia Ltd and Ecobank Gambia Ltd, the Central Bank imposed regulatory fines on both institutions in January 2025.
Honourable Keita reassured the National Assembly Members (NAMs) that penalties and other punitive measures would continue to be enforced, citing the existence of a robust sanction regime that details applicable monetary and administrative penalties for breaches of prudential guidelines.
“The CBG has issued guidelines on foreign currency operations that require financial institutions to ensure all foreign currency transactions are properly documented. The Central Bank will continue to enforce these regulations and review them as necessary,” he stated.
Minister Keita noted that systems are already in place for financial institutions to report their net foreign currency positions, a supervisory measure designed to prevent excessive balance sheet exposure. These data are submitted for review during quarterly meetings of the Monetary Policy Committee.
He further emphasized that financial institutions are mandated under the Anti-Money Laundering Act to report any suspicious transactions to the FIU, irrespective of the amount involved.
“This is essential, particularly within the context of The Gambia’s liberalized capital account,” Hon Keita stressed.
As part of efforts to monitor foreign currency outflows, the Central Bank in July 2023 directed that all commercial banks must route their foreign currency shipments through the CBG. These transactions are subject to thorough screening to curb the movement of illicit funds into nostro accounts held abroad.
Meanwhile, the Finance Minister revealed that the Central Bank, in collaboration with the FIU, will also review the corporate and financial operations of United Bank for Africa (UBL) to ensure full compliance with regulatory standards.
