Regulatory Alerts2010-12-03
Framework Law on Banking Regulation
The West African Monetary Union (UMOA) has enacted this Framework Law to regulate all credit institutions and financial entities operating within its territory, establishing clear authorization procedures, capital requirements, management qualifications, and supervisory oversight by the Central Bank and Banking Commission. The legislation defines banking operations, payment instruments, and ancillary activities while mandating strict licensing, ongoing supervision, and protective measures for depositors. It further outlines disciplinary and criminal sanctions, collective liquidation procedures, and transitory provisions to ensure a unified and secure banking system across member states.
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