The Ethiopian Capital Market Authority’s November 2025 guidance underscores that the securities industry can be exploited both to launder illicit funds and to generate illicit profits through activities such as market manipulation and insider trading. Despite this risk, suspicious transaction reports (STRs) from the sector have historically been relatively low. To address this gap, the guideline mandates a documented risk‑based approach: market intermediaries must identify money‑laundering risks by customer type, product and transaction, review these assessments regularly and focus attention on higher‑risk relationships.