Regulatory Alerts2024-10-01
Matrix of Sanctions Applicable to Banks and Exchange Offices under Foreign Exchange Regulations
The Bank of the Republic of Burundi issued Circular No. 007/RC/2023 to establish a detailed sanctions matrix for banks and exchange offices operating under the country's foreign exchange regulations. The circular mandates a graduated enforcement procedure, allowing for letters of recommendation, formal injunctions with deadlines, or direct application of penalties depending on the severity and complexity of regulatory breaches. It specifies precise financial penalties, capital-based fines, license withdrawals, and automatic account debits for non-compliance while ensuring these costs are not passed on to clients.
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