Regulatory Alerts2017-09-29
Instruction No. 003/2017-CSBF on the Global Account of Electronic Money Institutions
Issued by the Commission for Banking and Financial Supervision (CSBF) of Madagascar, this instruction establishes the regulatory framework governing the global accounts that electronic money institutions and authorized credit institutions must maintain with depositary banks to safeguard funds backing issued electronic money. It mandates prior CSBF authorization for opening and diversifying these accounts, caps individual bank balances at 50% of circulating electronic money, and defines strict rules for interest remuneration, real-time platform access, and mandatory daily and monthly reporting. Non-compliance with these balance and reporting requirements exposes institutions to disciplinary sanctions, including suspension of electronic money issuance or withdrawal of authorization.