Regulatory Alerts2007-09-11
COBAC Circular LC/33 on Banking Conditions
The COBAC General Secretary issued Circular LC/33 to address unjustified unilateral deductions by CEMAC banks from client accounts. The circular mandates that all account agreement modifications require the explicit consent of both parties and must comply with prevailing laws, requiring banks to cancel existing non-compliant measures. Furthermore, it reinforces the Governor’s 2006 directive for banks to cease undue deductions and refocus on core lending activities.
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