Regulatory Alerts2022-01-01
Instruction No. 2022-17/IMF Regarding Sanctions
The Central Bank of Djibouti issued Instruction No. 2022-17/IMF to establish disciplinary sanctions and compliance deadlines for microfinance institutions operating in Djibouti. The directive empowers the regulator to enforce adherence to legal and regulatory frameworks through measures ranging from injunctions and warnings to the suspension of operations, removal of management, and revocation of institutional approval. Institutions granted a compliance period that fail to rectify violations within the stipulated timeframe face administrative fines capped at 5% of their own funds, without prejudice to applicable criminal penalties.
Share