Regulatory Alerts2024-09-01
Circular No. 006/SP/2024 amending Circular No. 01/EP/19 on the sanction matrix applicable to payment institutions and other payment service providers
The Bank of the Republic of Burundi issues Circular No. 006/SP/2024 to revise the sanction matrix governing payment institutions and other payment service providers, establishing a categorized framework of breaches, progressive enforcement procedures, and specific monetary or disciplinary penalties for non-compliance with licensing, operational, and regulatory conditions. The circular mandates strict adherence to legal provisions, outlines clear escalation steps from warnings to injunctions and direct sanctions, and details financial penalties ranging from daily delay fees to capital-based percentages and license withdrawals. It replaces the previous 2019 circular, takes effect upon official publication, and applies to all payment service providers operating under Burundi’s national payment system framework.