Regulatory Alerts2015-02-17
Regulation 014 on Bank Codes and Standardization of Bank Account Details
The Central Bank of the Comoros issued Regulation 014/2015 to standardize bank account identification by mandating the use of the Bank Account Details (RIB) for domestic transfers and the International Bank Account Number (IBAN) for international transfers. The regulation defines the specific structure and calculation methods for these identifiers, assigns unique five-digit bank codes to credit institutions, and encourages the adoption of SWIFT BIC codes for international operations. Credit establishments are required to inform clients about these standards and must strictly process transfers based on the specified RIB and IBAN formats starting from October 1, 2015.
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