Regulatory Alerts2024-09-01
Circular No. 19/2019 Regarding the Sanctions Matrix Issued Under Law No. 1/17 of August 22, 2017 Governing Banking Activities
The Banque de la République du Burundi issued Circular No. 19/2019 to establish a comprehensive sanctions matrix for credit institutions, executives, administrators, shareholders, and auditors. The circular categorizes breaches into licensing conditions, information transmission, credit risk management, accounting obligations, and internal control, specifying corresponding monetary penalties, license withdrawals, or operational restrictions. It mandates a progressive enforcement procedure involving requests for explanations and injunctions before sanctions are applied, with direct application reserved for serious cases.
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