Regulatory Alerts2012-01-01
Comoros Central Bank Regulatory Texts 2012
The Central Bank of the Comores issued five circulars in 2012 to regulate financial operations, including authorizing the Comoros Development Bank to conduct money transfers via Moneygram with a 1 million FC limit. The bank also standardized the mandatory reserve ratio for financial institutions at 20% and mandated uniform client identification protocols to enhance anti-money laundering efforts. Additionally, the regulations imposed semi-annual reporting requirements for loans to bank insiders and officially approved the Union of Sanduk of Moheli as a decentralized financial institution.
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