Regulatory Alerts2016-10-01
Instruction No. 02/GR/UMAC on the Implementation of Multibanking in the Context of Electronic Money Issuance
The Bank of Central African States (BEAC) issued Instruction No. 02/GR/UMAC to establish a comprehensive regulatory framework governing multibanking interoperability for electronic money issuers across the CEMAC region. The directive mandates prior regulatory approval for participants, technical certification for platform managers, and the engagement of a first-tier settlement bank to manage clearing, real-time settlement via SYGMA, and a mandatory guarantee fund. It further establishes a management committee for network governance, defines strict operational, reporting, and default-penalty procedures, and grants existing institutions a three-month transition period to achieve compliance.
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