Regulatory Alerts2024-12-20
Single Authorization for Credit Institutions in the CEMAC Region (Regulation No. 01/24)
The UMAC Ministerial Committee has adopted Regulation No. 01/24, establishing a single authorization mechanism that allows credit institutions authorized in one CEMAC member state to expand into other member states by establishing branches without redundant administrative procedures. The regulation sets eligibility criteria, including a minimum two-year authorization history and solid financial standing, while mandating prior COBAC approval, defined capital endowments, and strict internal control and anti-money laundering compliance for all branches. It supersedes the 2000 framework, grants a twelve-month transitional period for existing authorized institutions, and takes full effect on 1 January 2025.
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