Regulatory Alerts2020-05-20
Instruction No. 001/2020-CSBF on Exceptional Due Diligence Measures for Customer Identification When Opening a Special Electronic Money Account
The Commission de Supervision Bancaire et Financière (CSBF) of Madagascar issued this instruction to establish exceptional customer due diligence measures for opening special electronic money accounts for disadvantaged populations affected by the state of health emergency. The directive relaxes standard identification requirements by accepting alternative documents and remote verification methods, while imposing strict transaction limits and mandatory fraud prevention protocols on electronic money establishments and credit institutions. It mandates monthly reporting to the CSBF and SAMIFIN, requiring the regularization of these accounts within six months after the emergency period ends.
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