Regulatory Alerts2016-06-24
Prudential Framework Applicable to Credit Institutions and Financial Companies in the West African Monetary Union
The Council of Ministers of the West African Monetary Union (UMOA) issued Decision No 2016/06/24/CM/UMOA to establish a unified prudential framework governing all credit institutions and financial companies within the UMOA region. This regulation assigns implementation responsibilities to the Central Bank of West African States (BCEAO) and the UMOA Banking Commission while simultaneously repealing all conflicting prior provisions. Effective 1 January 2018, the framework standardizes capital adequacy, risk management, and supervisory reporting to strengthen financial stability across member states.
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