Regulatory Alerts2023-08-24
Instruction No. 16/98 Authorizing Union Banks to Exercise the Functions of Account Keeper and Clearing Agent
The West African Monetary Union's Regional Council issued Instruction No. 16/98 to authorize member banks to operate as account keepers and clearing agents for clients. The regulation requires these institutions to secure prior approval by submitting a detailed file covering their legal status, capital structure, governance, internal controls, and financial statements. It further subjects these activities to ongoing Regional Council supervision and mandates publication to ensure uniform application across the union.
Share