Regulatory Alerts2017-09-29
Instruction No. 002/2017-CSBF on the Approval of Electronic Money Institutions
The Banking and Financial Supervision Commission (CSBF) of Madagascar issues this instruction to establish the formal procedures and documentation requirements for obtaining approval as an electronic money institution. It mandates that applicants submit comprehensive paper and electronic files detailing governance, capital origin, business viability, IT architecture, security frameworks, and AML/CFT compliance to the CSBF General Secretariat. The CSBF reviews applications within a one-month period, may impose suspensive conditions, and grants final approval or refusal based on regulatory conformity and the applicant's professional integrity.
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