Regulatory Alerts2015-11-10
BCEAO Instruction No. 013-11-2015 Regulating Rapid Money Transfer Sub-Agent Activities in UEMOA
The Central Bank of West African States (BCEAO) issued Instruction No. 013-11-2015 to regulate rapid money transfer sub-agent activities across UEMOA member states. The Instruction mandates that sub-agents operate under approved intermediaries or decentralized financial systems without collecting public deposits, while strictly adhering to external financial relations and anti-money laundering regulations. It establishes clear contractual requirements, operational limits, reporting obligations to the Banking Commission and Ministry of Finance, and a six-month transitional period for compliance.
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