Regulatory Alerts2009-11-23
Centralized Risk Repository for CEMAC Credit Institutions
The Commission Bancaire de l’Afrique Centrale (COBAC) directs CEMAC credit institutions to guarantee accurate data submissions to the Centralized Risk Repository by auditing internal databases, correcting customer attributes, and strictly applying existing accounting and anti-money laundering regulations. Citing systemic non-compliance with the data exchange protocol, rigid information systems, and poor data quality that impair risk assessment, COBAC mandates personal executive oversight to ensure reliable database updates and timely corrections. Institutions that fail to implement these measures remain exposed to administrative sanctions under Article 46 of the January 17, 1992 Convention on Central African banking regulation.
Share