Regulatory Alerts2016-11-24
Instruction No. 001-DDI/2016 on the Risk Central
The Governor of the Bank of Madagascar issued Instruction No. 001-DDI/2016 to establish and govern the Risk Central, a centralized credit information system hosted by the central bank. The instruction mandates all licensed credit institutions and microfinance entities to transmit monthly, secure electronic reports detailing borrower identification, credit outstandings, guarantees, and negative payment information. It further defines strict data quality standards, access and authentication procedures, a five-year retention period, and imposes disciplinary sanctions and daily penalties for non-compliance or inaccurate reporting.
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