Regulatory Alerts2016-06-09
BCEAO Instruction No. 005-06-2016 Setting Monetary Sanctions for Credit Information Bureaux
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 005-06-2016 to establish a standardized monetary sanction framework for Credit Information Bureaux. The Instruction classifies regulatory breaches into two risk-based categories, assigning first-category infractions a fine range of one to twenty-five million CFA francs and second-category infractions a range of twenty-five million and one to fifty million CFA francs. It caps the cumulative total of multiple sanctions at fifty million CFA francs, mandates recovery for the Public Treasury, and establishes a detailed annexed classification grid governing compliance, internal control, data security, and operational integrity.
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