Regulatory Alerts2016-12-21
Regulation No. 03 – CEMAC-UMAC-CM of December 21, 2016 on Payment Systems, Means and Incidents
The Ministerial Committee of CEMAC and UMAC issued Regulation No. 03 to harmonize payment systems, means, and incident management across member states by mandating written payment instruments for transactions exceeding 500,000 CFA Francs and establishing a centralized registry for payment incidents. The regulation defines regulated establishments, enforces the right to an account, and strengthens supervisory oversight through biometric identification, automated systems, and strict liability for checks, bills of exchange, and payment cards. It further standardizes endorsement, guarantee (aval), certification, and enforcement procedures while imposing specific fines for cash violations and refusal of written payments.
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