Regulatory Alerts2014-04-01
Banking Circular No 1 of 2014 - Rollout of Full File Credit Information Sharing
The Central African Republic (CAR) is facing significant security issues with a breakdown in law and order, leading to the United Nations Security Council issuing multiple resolutions against involved individuals and entities. These resolutions impose financial sanctions for an initial period of one year. Commercial banks, mortgage finance companies, and microfinance banks are directly affected by this, as they must comply with Resolution No. 2134 of 2014 if the UN Security Council Committee issues a list of designated individuals and entities. Institutions should monitor the Committee's decisions, report on compliance actions, and consider implementing Regulation 27(3) of the Proceeds of Crime and Anti-money Laundering Regulations, 2013 once a list is provided.