Regulatory Alerts2023-12-29
Instruction No. 71/AMF-UMOA/2023 on the Treatment of Inactive Accounts and Unclaimed Assets in UMOA Regional Financial Market Account Books
The Financial Markets Authority of the West African Monetary Union (AMF-UMOA) issues this Instruction to establish a comprehensive regulatory framework for inactive accounts and unclaimed assets held by regional financial market account keepers. It mandates systematic client identification, proactive inactivity notification within eight years, and a two-year complementary search period before transferring securities and cash to national Deposit and Consignment Funds or public treasuries. The directive further defines strict timelines, cost allocations, reporting obligations to AMF-UMOA, and a 70/30 public property distribution model upon thirty-year prescription.
Share