Regulatory Alerts2015-12-30
BCEAO Instruction No. 015-12-2015 on Database and Electronic Backup Transfer for Credit Information Bureaux
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 015-12-2015 to mandate the transfer of databases and electronic backups from Credit Information Bureaux to the BCEAO upon withdrawal of authorization. The Instruction requires bureaus to purge all transferred data copies from their internal systems and third-party arrangements, while establishing strict seven-day completion deadlines that vary based on whether the withdrawal stems from serious infringements or operational failure. Non-compliance triggers sanctions under the applicable Uniform Act, with the Central Bank empowered to grant extensions of up to seven days upon a reasoned request.
Share