Regulatory Alerts2015-06-09
Instruction No. 002-06-2016 of June 9, 2016 on the Implementation Modalities for an Internal Control System by Credit Information Bureaus
The Governor of the Central Bank of West African States (BCEAO) mandates Credit Information Bureaus within the West African Monetary Union to establish and maintain a tailored internal control system comprising an Internal Audit Unit and an Audit Committee. This framework requires these entities to define risk assessment rules, ensure regular regulatory compliance, and guarantee high-quality customer data management through documented procedures and qualified committee members. Furthermore, the Instruction obligates Credit Information Bureaus to submit semi-annual anomaly reports by July 30 and comprehensive annual control reports within three months of year-end, with non-compliance subject to sanctions under the applicable Uniform Act.
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