2015-02-03

Regulation No. 00.9/2015/BCC on Movements Recorded on Correspondent Accounts of Credit Institutions

The Governor of the Central Bank of the Comoros issued Regulation No. 00.9/2015/BCC to mandate monthly reporting of all movements on foreign correspondent accounts by credit institutions. The regulation requires banks to submit detailed statements categorized by client transactions, establishment operations, treasury management, foreign currency purchases, and adjustments, expressed in thousands of Comorian francs. This regulation supersedes the previous circular of December 16, 1991, and entered into force upon its signature on January 28, 2015.

Banque Centrale des Comores logo

Comoros

Banque Centrale des Comores

Click to view thumbnail

CENTRAL BANK OF THE COMOROS

REGULATION No. 00.9 /2015/BCC/DSBR

RELATING TO MOVEMENTS RECORDED ON THE ACCOUNTS OF FOREIGN CORRESPONDENTS OF CREDIT INSTITUTIONS


Having regard to Law No. 80-08 of June 26, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks and financial institutions, credit, and foreign exchange, specifically Article 7;

Having regard to Law No. 13-003/AU of June 12, 2013, regulating the activities of financial institutions, specifically Article 103;

Having regard to Law No. 12-008/AU of June 28, 2012, combating money laundering and the financing of terrorism;

Having regard to Decree No. 87-005/PR regulating financial relations between the Comoros and foreign countries;

THE GOVERNOR OF THE CENTRAL BANK OF THE COMOROS

Sets the rules relating to movements recorded on the accounts of foreign correspondents of credit institutions.


Article 1.

Credit institutions that have opened accounts with banking correspondents abroad must submit to the Central Bank each month a statement tracking the movements recorded on their foreign correspondent accounts.

A statement will be prepared for each correspondent account, and the amounts will be expressed in thousands of Comorian francs (FC).

The declaration must reach the Central Bank of the Comores within 20 calendar days of month N following the closing of the situation for month N-1.


Article 2:

Movements will be categorized under the following headings:

  • Payments on behalf of clients. These are payments concerning all operations carried out to or from abroad through a correspondent on behalf of clients: imports, exports, various transfers, purchases and sales of services, payments via traveler's checks, etc.

The term "clients" must be taken in its broadest sense: individuals, companies, administrations, associations, diplomatic representations, NGOs, public establishments, etc.

  • Payments on behalf of the reporting institution. This item will record various payments to or from abroad by the reporting institution: interest, commissions, purchases or sales of goods and services, dividends, capital increases, etc.

  • Treasury operations: Operations listed under this heading do not represent economic or financial transactions but only treasury management operations.

They will be divided into two categories:

  • Movements operated via the Central Bank of the Comoros: funding of an external correspondent account or leveling by transfer on the books of the Central Bank of the Comoros.

  • Movements between two correspondent accounts.

  • Purchase or sale of foreign banknotes: This refers to the sending or receipt of foreign banknotes, addressed or ordered from foreign correspondents.

  • Various adjustments: This item will indicate operations related to exchange rate differences, cancellations, or corrections of entries resulting from posting errors, etc.

Operations are recorded as:

  • Credit: for a positive balance and/or positive movements benefiting the reporting institution.

  • Debit: for a negative balance and/or negative movements for the reporting institution.


Article 3:

This Regulation cancels and replaces Circular Letter No. 91-02 of December 16, 1991.

It enters into force as of its date of signature.

Moroni, January 28, 2015

Mzé Abdou Mohamed Chanfiou


Place de France, BP 405 MORONI

TEL: (269) 773 18 14 - (269) 773 10 02 – FAX: (269) 773 03 49

E-mail: secretariat@banque-comores.km

Site: www.banke-comores.km


Nature and Volume of Movements in Correspondent Accounts

(Regulation No. /2015/DSBR/BCC)

Reporting Institution:

Month of:

(in thousands of FC)

Nature of MovementsName of Bank*Name of Bank*Name of Bank*Name of Bank*
DebitCreditDebitCredit
Balance at start of period
Payments on behalf of clients
Payments on behalf of the institution
Treasury operations
Via Central Bank0.00.00.00.0
Via other correspondents
Purchase or sale of foreign banknotes
Various adjustments
Balance at end of period0.00.00.00.0
Total movements0.00.00.00.0

*As many columns as there are correspondent accounts opened abroad