Regulatory Alerts2021-10-01
Instruction No. 002-DDI/2021 Amending Certain Provisions of Instruction No. 001-DDI/2016 of November 24, 2016 on the Risk Central
The Governor of Banky Foiben'i Madagasikara issued Instruction No. 002-DDI/2021 to amend specific provisions of the November 2016 Risk Central framework. The amendment redefines reporting entities to include authorized banks, financial institutions, and microfinance institutions, while mandating that aggregated credit data exceeding twenty million Ariary be accessible to other users. Furthermore, it imposes a mandatory pre-credit consultation requirement for loans above the threshold, establishes disciplinary and financial sanctions for non-compliance or deliberate misreporting, and suspends Risk Central access until penalty payments are settled.
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