BANQUE CENTRALE DU CONGO

LE GOUVERNEUR

ADMINISTRATIVE INSTRUCTION NO. 006 REGULATING THE ACTIVITY OF FINANCIAL MESSAGERS

(Modification No. 2)

The Central Bank of Congo,

Having regard to Law No. 18/027 of December 13, 2018 on the organization and functioning of the Central Bank of Congo, specifically Articles 10, 11, and 25;

Having regard to Law No. 22/069 of December 27, 2023 on the activity and supervision of Credit Institutions, specifically Articles 167 and 168;

Having regard to Ordinance-Law No. 67/272 of June 23, 1967, as amended and supplemented to date by Decree-Law No. 004/2001 of January 31, 2001 on the regime of national and foreign currency operations in the Democratic Republic of Congo;

Having regard to Law No. 22/068 of December 27, 2022 on the fight against money laundering and the financing of terrorism and the proliferation of weapons of mass destruction, specifically Titles I and III;

Having regard to Law No. 18/019 of July 19, 2018 on payment and securities settlement systems;

Having regard to the foreign exchange regulation of the Democratic Republic of Congo of March 28, 2014;

Enacts the following provisions concerning the activity of Financial Messengers:

TITLE I: GENERAL PROVISIONS

CHAPTER I: OBJECT AND SCOPE OF APPLICATION

Article 1:

The purpose of this Instruction is to define the conditions required for the exercise of the fund transfer activity by Financial Messengers.

Financial Messengers are legal entities under Congolese law, other than Credit Institutions, which carry out, as a habitual profession, without physical movement of the funds of the order giver and regardless of the medium used, fund transfer operations.

They may also carry out electronic fund transfers via computer applications or platforms.

This Instruction applies to Credit Institutions and financial companies regarding Articles 32 and 64.

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CHAPTER II: DEFINITIONS OF CONCEPTS

Article 2:

For the purposes of this Instruction, the following terms are understood as:

• Financial Messenger agent or agent: an economic operator, natural or legal person, not having the status of a Credit Institution or financial company, which carries out fund transfer operations on behalf and for the account of a Financial Messenger, pursuant to a written contract;

• branch: a division of the Financial Messenger established in one of the cities of the Democratic Republic of Congo other than that of the headquarters;

• counter: an office of a Financial Messenger opened in the city where the registered office or branch is established;

• fund transfer: an operation by which a Financial Messenger receives, without being able to dispose of them for its own benefit, funds from a person, under obligation to transmit them to a designated third-party beneficiary, upon the order of that person;

• significant transaction: a transaction whose amount does not correspond to the economic profile, either of the order giver or of the beneficial owner;

• electronic fund transfer: a money transfer operation from one account to another via a computer interface.

TITLE II: APPROVAL AND PRIOR AUTHORIZATIONS

CHAPTER I: GENERALITIES

Article 3:

Financial Messengers are grouped into two (2) categories, namely:

• Category A Financial Messengers or national;
• Category B Financial Messengers or international.

Category A or national Financial Messengers are those whose fund transfer operations are confined to the national territory.

Category B or international Financial Messengers are those that carry out fund transfer operations both on the national territory and with foreign countries. This category also includes international fund transfer labels which, henceforth, must be constituted as legal entities under Congolese law to operate in the Democratic Republic of Congo.

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CHAPTER II: CONSTITUTION

Article 4:

Financial Messengers must be constituted in the form of a Limited Liability Company (SARL).

Article 5:

A parent or guardian cannot represent more than two minors in the shareholding.

Article 6:

The Financial Messenger must make fund transfer its sole activity.

CHAPTER III: APPROVAL CONDITIONS

Article 7:

Any legal entity under Congolese law wishing to carry out fund transfer operations as a Financial Messenger, under one of the categories listed in Article 3 of this Instruction, must obtain approval from the Central Bank of Congo.

The change of Financial Messenger category is also subject to approval by the Central Bank of Congo.

Article 8:

Any application for approval is addressed to the Governor of the Central Bank of Congo upon payment of file fees, representing a percentage of the minimum capital, fixed in the Tariffs and Conditions of the Central Bank of Congo.

This application must indicate the category requested, the company name, the address of the registered office, as well as the telephone coordinates and email address of the applicant.

The approval application is supported by a file consisting of the following elements:

• the resolution of the constituent general meeting of the applicant company and those of the extraordinary general meetings of corporate shareholders authorizing them to participate in the capital of the Financial Messenger;
• a copy of the original notarized articles of association of the applicant company;
• the act of deposit of the articles of association with the Commercial Register and Movable Credit Registry of its jurisdiction;
• a certified copy of the Registration Number with the Commercial Register and Movable Credit Registry specifying that the applicant intends to exercise exclusively the activity of fund transfer;
• a certified copy of the National Identification Certificate;

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BANQUE CENTRALE DU CONGO                                                                 CONTINUED, PAGE 4

- elements allowing the assessment of the honorability and competence of the shareholders as well as the persons in charge of the administration and management of the company, namely their duly signed curricula vitae, their Extracts from the Criminal Record dated less than three (3) months, and the certified financial statements of the last three accounting years of corporate shareholders;
- the business plan on a minimum horizon of three (3) years including the operational organization (notably the organizational chart, adequacy of staff, skills, technical and financial resources, and information systems) as well as forecasts supported by projected balance sheets and income statements;
- the social statutes and the certified financial statements of the last three (3) years of corporate shareholders;
- proof of the existence of at least two bank accounts (in national currency and foreign currency) opened with financial institutions approved by the Central Bank of Congo;
- the device for fighting money laundering and the financing of terrorism and proliferation, in accordance with legal and regulatory requirements, including in the organization the position of the person in charge of the fight, notably the declaration of suspicious operations to CENAREF;
- proof of release of social capital by a certificate of deposit of the minimum capital in a bank account opened in the name of the applicant company;
- the copy of the notarized collaboration contract(s), concluded with one or more foreign financial partner(s) and approved by their respective financial sector supervisory Authorities for Category B Financial Messengers;
- proof of payment of file fees to the Central Bank of Congo.

Article 9:

The Central Bank of Congo may, if it deems it useful, summon the representative(s) of the applicant for an interview as soon as an approval application is submitted.

Article 10:

Financial Messengers must have a minimum capital fully paid in cash and fixed as follows:

1. the equivalent in Congolese francs of USD 75,000 (Seventy-Five Thousand US Dollars) for Category A;
2. the equivalent in Congolese francs of USD 150,000 (One Hundred Fifty Thousand US Dollars) for Category B;
3. the equivalent in Congolese francs of USD 200,000 (Two Hundred Thousand US Dollars) for Category B Financial Messengers, subsidiaries of international fund transfer companies.

563, Colonel Tshatshi Boulevard - Kinshasa – Gombe
Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd

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BANQUE CENTRALE DU CONGO                                                                 CONTINUED, PAGE 5

The Central Bank of Congo reserves the right to require a capital higher than the minimums indicated above with regard to the ambitions of the promoters expressed through their business plans submitted to it.

The own funds of Financial Messengers must not be less than the minimum capital.

Own funds are calculated as follows:

a) Included are:
- subscribed social capital;
- legal, statutory, optional, and other reserves;
- carried forward credit balance;
- positive result of the last closed accounting year certified by the statutory auditors pending allocation, net of the distribution of dividends to be provided;
- positive result of the current accounting year provided that, on the one hand, it is calculated after deduction of all charges, provisions for depreciation, provisions, and value adjustments related to the period as well as foreseeable taxes, advance payments on dividends, or dividend forecasts, and on the other hand, has been certified by the statutory auditors.

b) Deducted are:
- the unpaid portion of social capital;
- carried forward debit balance;
- intangible and financial fixed assets, namely participations held in other financial institutions;
- negative result of the last closed accounting year, pending approval, certified by the statutory auditors;
- negative result of the current accounting year.

Article 11:

No one may create, administer, direct, or manage, even through an intermediary, a Financial Messenger, if he:

(i) has been convicted for offenses against laws or regulations relating to Credit Institutions, financial companies, insurance, stock transactions, retirement system management, or foreign exchange;
(ii) has been declared bankrupt and has not been rehabilitated, even when the bankruptcy was opened in a foreign country;
(iii) has been convicted in the Democratic Republic of Congo or abroad as an author, co-author, accomplice, or for attempt of one of the following offenses:
- counterfeiting;

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Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd

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BANQUE CENTRALE DU CONGO                                                                 CONTINUED, PAGE 6

- counterfeiting or falsification of banknotes, public instruments, shares, bonds, or interest coupons;
- counterfeiting or falsification of seals, stamps, punches, and marks;
- forgery and use of forgery in writings;
- corruption of a public official or extortion;
- theft, extortion, misappropriation or abuse of confidence, fraud, or fencing;
- simple or fraudulent bankruptcy, fictitious circulation of commercial instruments;
- issuance of a check without provision;
- money laundering and financing of terrorism and the proliferation of weapons of mass destruction.
(iv) has been convicted for any intentional offense to at least 12 months of principal penal servitude;
(v) has taken part in the administration, direction, or routine management of a Credit Institution or financial company whose dissolution has been ordered.

When the decision resulting in one of the prohibitions referred to in this article is subsequently revoked or overturned in a final judgment, the prohibition ceases by operation of law.

Furthermore, the Central Bank of Congo reserves the right to reject any approval application file if it considers that the approval may involve significant risks for the sector based on the information it has.

Article 12:

Approval as a Financial Messenger is granted after an on-site inspection by the Central Bank of Congo, to assess the minimum security conditions of the facilities and to ensure the existence of the necessary equipment for its proper functioning, namely:
- a communication means (telephone, fax, or electronic messaging);
- a safe;
- a cash register or a calculator;
- a banknote counting machine;
- a computer;
- a counterfeit bill detector;
- a photocopier;
- an internet connection.

563, Colonel Tshatshi Boulevard - Kinshasa – Gombe
Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd

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BANQUE CENTRALE DU CONGO                                                                 CONTINUED, PAGE 7

Article 13

When the applicant intends to carry out electronic fund transfers, he is required to attach to his approval application file the technical and functional specifications of his computer solution as well as the device put in place regarding security, data protection, and the fight against money laundering and the financing of terrorism and proliferation.

In this case, the applicant must prepare a demonstration of his solution which he will present to the Central Bank of Congo/Direction of Approvals and Regulation during a working session.

Article 14:

The Central Bank of Congo invites, after its favorable opinion, the applicant to pay the approval fees, representing a percentage of the minimum capital, fixed in the Tariffs and Conditions of the Central Bank of Congo.

Article 15:

The Central Bank of Congo may, depending on the risk profile of the applicant, attach additional conditions to its approval decision, concerning notably the governance structure or operational organization.

Article 16:

The Central Bank of Congo rules on the approval application within ninety (90) days from receipt of the complete file.

Article 17:

Approval as a Financial Messenger is evidenced by an approval act delivered by the Central Bank of Congo reproducing the associated number.

Article 18:

The Central Bank of Congo assigns an approval number to each Financial Messenger and periodically publishes in the Official Journal and/or on its website the list of approved Financial Messengers operating in the Democratic Republic of Congo.

Article 19:

Financial Messengers are required to start their activities within a period of three months from the date of their approval.

563, Colonel Tshatshi Boulevard - Kinshasa – Gombe
Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd

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BANQUE CENTRALE DU CONGO                                                                 CONTINUED, PAGE 8

Article 20:

The approval of the headquarters of a Category A Financial Messenger must be made concomitantly with the authorization to open at least one operating point or a collaboration contract with an agent or another active financial messenger.

CHAPTER VI: PRIOR AUTHORIZATIONS

Article 21:

The following are subject to the prior authorization of the Central Bank of Congo, notably:

- modification of the articles of association;
- absorption, split, or merger of Financial Messengers;
- opening and closing of a branch or a counter;
- recourse to the network of Financial Messenger agents;
- conclusion of a collaboration contract with another Financial Messenger established in the DRC or abroad, a Credit Institution, or a financial company.

The authorization is granted within ninety (90) days from receipt of the complete file by the Central Bank of Congo.

Article 22:

The Financial Messenger transmits to the Central Bank of Congo, in support of its authorization application for modification of the articles of association, the minutes of the deliberation of the competent body relating to the request made, showing the proposed modifications and the detailed statement of reasons for the decision.

When the modification of the articles of association is consequent to a capital increase, the Financial Messenger must also transmit proof of payment of the capital into the account opened with financial institutions approved in the DRC.

Article 23:

Financial Messengers may open one or more branches, one or more counters subject to the authorization of the Central Bank of Congo.

The opening of each branch or each counter is subject to the payment of file fees, representing a percentage of the minimum capital, fixed in the Tariffs and Conditions of the Central Bank of Congo.

563, Colonel Tshatshi Boulevard - Kinshasa – Gombe
Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd

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BANQUE CENTRALE DU CONGO                                                                 CONTINUED, PAGE 9

The authorization to open a branch or a counter is granted after an on-site inspection by the Central Bank of Congo, to assess the minimum security conditions of the facilities and to ensure the existence of the necessary equipment for its proper functioning in accordance with Article 12 of this Instruction.

Article 24:

Financial Messengers are required to open accounts for their branches with financial institutions approved by the Central Bank of Congo.

Financial Messengers are required to communicate prior to the Central Bank of Congo/Direction of Approvals and Regulation any changes of address, telephone coordinates, or email address of any operating point (headquarters, branch, or counter).

Article 25:

The Financial Messenger may recourse to the network of Financial Messenger agents subject to prior authorization from the Central Bank of Congo. The Financial Messenger retains full responsibility for fund transfer operations carried out in its name and for its account by a Financial Messenger agent.

The authorization to use the network of Financial Messenger agents is granted only once.

Article 26:

The authorization application must include, in addition to the letter addressed to the Governor of the Central Bank of Congo, the following documents:

- the business plan for a minimum of three (3) years detailing technical, administrative, and financial aspects;
- a copy of the standard contract linking the agent to the Financial Messenger;
- a report on the risk assessment of operations to be provided by the agents, including measures taken to control risks;
- procedures for fighting money laundering and the financing of terrorism and proliferation;
- consumer protection procedures.

The Central Bank of Congo reserves the right to require any other information or document deemed useful for the analysis of the file.

Article 27:

The Financial Messenger agent must be able to offer a professional service to customers, keep accounts and a cash register, and manage a treasury in conformity with the guidelines and directives of the Financial Messenger.

563, Colonel Tshatshi Boulevard - Kinshasa – Gombe
Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd

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BANQUE CENTRALE DU CONGO                                                                 CONTINUED, PAGE 10

The Financial Messenger must ensure that the agent's file contains notably the following information:

- information on physical location, email addresses, postal addresses, GPS coordinates, and telephone coordinates, if applicable;
- a description of commercial activities;
- the level of working capital required to support operations.

Article 28:

The Financial Messenger must, in the event of recourse to the services of an agent, ensure that the latter:

- has a permit from the competent authorities to exercise its commercial activity;
- has an existing and operational commercial activity for at least six (6) months at the date of evaluation;
- enjoys a good reputation and has no history of criminal, financial, or insolvency problems;
- has adequate human, technical, and financial resources;
- undertakes to respect obligations regarding the fight against money laundering and the financing of terrorism and proliferation;
- undertakes to respect the provisions of this Instruction.

Article 29:

The contract with the Financial Messenger agent must provide for the undertaking of the latter to submit to:

- any information request from the Financial Messenger, made directly by it or by any person designated by it;
- any information request and any control by the Central Bank of Congo.

The Central Bank of Congo may order the Financial Messenger at any time to cease the activity, temporary or definitive, of any Financial Messenger agent.

Article 30:

Financial Messengers are required to ensure that agents respect the provisions of this Instruction as well as those of the contract provided for in Article 26.

Non-compliance with these provisions leads to the termination of the contract linking the Financial Messenger to its agent and must be brought to the attention of the Central Bank of Congo and the Professional Corporation of Financial Messengers, which will disseminate the information to its members.

563, Colonel Tshatshi Boulevard - Kinshasa – Gombe
Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd

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BANQUE CENTRALE DU CONGO                                                                 CONTINUED, PAGE 11

Article 31:

Principal Financial Messengers and their agents are required, within the framework of regular monitoring of financial flows and control of the diligence required for the exercise of the fund transfer activity, to conclude an account agreement with a banking establishment of their choice.

This account agreement must specify the operating modalities of the accounts of each party for the purpose of compensation as well as the diligence to be carried out by the holder of said account and its mandataries to avoid that it be used for illicit purposes.


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Article 32:

Financial Messengeries are required to communicate monthly to the Central Bank of Congo/Direction of the Supervision of Financial Intermediaries the list of their Financial Messenger Agents. This list must include, in particular, the telephone coordinates and physical address of each agent.

Article 33:

Financial Messengeries may, with prior authorization from the Central Bank of Congo, conclude partnership contracts between themselves and with Credit Institutions or financial companies authorized to carry out fund transfer operations.

Article 34:

Financial Messengeries are required to formalize their partnership relationships with the entities referred to in Article 33 through a contract providing for at minimum clauses relating to:

- the non-exclusivity of partnership contracts;
- their financial and legal responsibility;
- the obligation for its partners to respect the provisions of this Instruction and those regarding the fight against money laundering and the financing of terrorism and proliferation;
- the payment deadlines by Financial Messengeries for advances made by their agents;
- the settlement of disputes between the parties;
- the control modalities.

The commission rate to be collected must appear in the collaboration contract signed with partners. Any modification of this rate must be communicated to the Central Bank of Congo/Direction in charge of the Supervision of Financial Intermediaries and that in charge of Banking Operations and Markets.

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BANQUE CENTRALE DU CONGO                                                                 CONTINUATION, PAGE 12

TITLE III: ACTIVITY OF FINANCIAL MESSENGERIES

CHAPTER I: FUND TRANSFER OPERATIONS

Article 35:

Financial Messengeries are authorized to carry out fund transfer operations for a total amount less than USD 10,000 or its equivalent in another foreign currency per day and per individual.

Article 36:

Category B Financial Messengeries must collect commissions from their external partners on each transfer and repatriate them into their RME (Resident Foreign Currency) accounts.

The repatriation of commissions must be done monthly under cover of a service export declaration, within 30 calendar days from the date of validation, which must take place on the 5th working day of each month.

Article 37:

Category B Financial Messengeries are required to transfer to their external partners the commissions due to them under cover of a service import declaration.

Article 38:

Category B Financial Messengeries are required to calculate, on behalf of the Central Bank of Congo, a Foreign Exchange Monitoring Fee (RSC) on the commissions collected and paid, as fixed in the Tariffs and Conditions of the Central Bank of Congo, in the context of operations carried out with the foreign partner.

The bank of the Financial Messenger is required, by debiting the RME account (Resident Foreign Currency Account) of the latter, to collect the Foreign Exchange Monitoring Fee (RSC) on behalf of the Central Bank of Congo.

Article 39:

Transfers involving legal persons must remain exceptional due to the absence, in particular, of banks. They must be supported by documented justifications concerning the object and purpose of the transfer operation.

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BANQUE CENTRALE DU CONGO                                                                 CONTINUATION, PAGE 13

CHAPTER II: ADMINISTRATIVE DIRECTIVES

Article 40:

Financial Messengeries and their local partners are required to display for the public, within their premises, in addition to the certified copy of the approval act and the authorizations for the opening of extensions and counters, the list of their partners as well as the tariffs and conditions applied to the different operations carried out on behalf of the clientele.

The information must be legible and the supports chosen must be placed in locations easily accessible to the clientele.

Article 41:

Financial Messengeries are required to ensure that their personnel, directly or indirectly concerned by the implementation of the provisions of this Instruction, benefit from appropriate training, particularly in the field of the fight against money laundering and the financing of terrorism and the proliferation of weapons of mass destruction.

The content and periodicity of these trainings must be adapted to the nature of the risks incurred by the Financial Messenger as well as to the sensitivity of the functions occupied by different newly hired employees, those recruited for a fixed term, and those in contact with the clientele.

Article 42:

Financial Messengeries have the obligation to:

- keep proper accounting by presenting synthesis statements in accordance with the legal and regulatory provisions in force;
- equip themselves with procedure manuals for the transfer of funds;
- equip themselves with an organization and procedures to ensure compliance with the provisions relating to the Congolese national payment system, notably the connection to the National Monetic Switch;
- reproduce their approval numbers as well as those of authorization for extensions and counters on all their documents and correspondence;
- seize counterfeit money against receipt and transmit it to the Central Bank of Congo by a detailed note;
- establish daily statements of fund transfer operations based on the information included in the slips.

Financial Messengeries effecting the electronic transfer of funds must connect their applications to the national monetic switch.

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BANQUE CENTRALE DU CONGO                                                                 CONTINUATION, PAGE 14

Article 43:

For each fund transfer operation, the Financial Messenger must identify the client and, where applicable, the beneficial owner of the operation.

Financial Messengeries collect and photocopy the identities, address, and photo of their clientele carrying out fund transfer operations for this purpose.

Article 44:

Financial Messengeries must equip themselves with an information system adapted to their size, activity volume, and risk profile, enabling them notably to:

- identify the persons who initiated or benefited from fund transfers;
- ensure that these persons or those related or affiliated with them are not listed on lists of international organizations or suspected of money laundering, financing of terrorism, and proliferation;
- monitor operations carried out to, where applicable, detect those of a suspicious or unusual nature.

Article 45:

Any fund transfer operation by a Financial Messenger must result in the production, for the attention of the ordering party, of a justification that notably includes:

- elements allowing identification (names, ID card number, address, and, where applicable, the company name);
- the transfer amount;
- the amount of commissions collected;
- the identity of the beneficiary;
- where applicable, the exchange rate applied.

Article 46:

Fund transfer operations must be carried out based on a dated, numbered slip established in duplicate. The original is given to the client and the copy is kept by the Financial Messenger.

These slips as well as the information on the identities of clients and beneficial owners are kept for a duration of ten (10) years.

For electronic fund transfer operations, the applications or platforms must generate printable electronic slips or any other proof of confirmation of the operation.

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CONTINUATION, PAGE 15

Article 47:

Without prejudice to the provisions of Instructions No. 15 on standards relating to the fight against money laundering and the financing of terrorism and the proliferation of weapons of mass destruction and 15 Bis on derogation from provisions prohibiting any cash payment or by bearer instrument of a sum equal to or greater than USD 10,000, Financial Messengeries are required to equip themselves with an accounting organization, written rules, and internal control procedures specific to ensuring compliance with the legal and regulatory provisions in force in the matter of the fight against money laundering and the financing of terrorism and the proliferation of weapons of mass destruction.

To this end, they have the obligation to:

- ensure the identity and address of the client and, where applicable, the beneficial owner, at the time of carrying out a transaction by presenting a valid and accepted identity document;
- collect and photocopy the identities of their ordering clients and/or beneficiaries of transfers at their counters and keep them according to legal deadlines;
- permanently monitor client operations regarding the object of the transfer, the client's profile, and, where applicable, the origin of their funds;
- ensure continuous training and regular communication of information to their employees to sensitize them on the appropriate criteria allowing them to determine operations requiring particular attention and on the diligence to be carried out regarding these latter.

Financial Messengeries ensure that their Financial Messenger Agents apply these rules and procedures.

Financial Messengeries are required, before any transaction, to identify the clientele and monitor its operations to detect those that are atypical.

Article 48:

Financial Messengeries must declare without delay to the National Financial Intelligence Unit (CENAREF), by any written, digital, electronic, or telephone means, operations involving sums which they know, suspect, or have good reasons to suspect are the proceeds of criminal activity or are related to money laundering and/or the financing of terrorism or proliferation.

Financial Messengeries must also declare, under the same conditions as paragraph 1, attempts at suspicious operations.

When the suspicion declaration is made by telephone, it is confirmed in writing within 72 hours following.

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Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd

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Financial Messengeries are required to inform CENAREF of any transaction carried out by politically exposed persons or by third parties on their behalf.

Article 49:

Financial Messengeries are not authorized to:

- constitute deposits for their clientele;
- issue or manage payment instruments;
- import or export banknotes;
- receive on their bank accounts transfers and transfers from third parties or potential clients;
- grant loans to their clientele;
- commercialize its fund transfer platform to other Financial Messengeries.

Article 50:

Financial Messengeries are required to organize themselves into a Professional Corporation.

This Corporation has the mission notably to:

- represent the collective interests of its members before public authorities and the Central Bank of Congo;
- disseminate information to its members and the public;
- study any question of common interest and elaborate recommendations relating thereto, to favor cooperation within the sector and between different actors;
- organize and manage services of common interest;
- denounce before the courts and tribunals and the Central Bank of Congo structures that illegally exercise the activity of Financial Messengeries throughout the national territory.

The statutes of this Corporation as well as the projects for their modification are submitted for approval to the Central Bank.

CHAPTER III: INFORMATION

Article 51:

Financial Messengeries are required to declare each month to the Central Bank the total amount and details of undelivered transfers due to the non-appearance of clients at their counters for withdrawal.

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Article 52:

Financial Messengeries are required to transmit to the Central Bank of Congo/Direction in charge of the supervision of financial intermediaries and that in charge of banking operations and markets, no later than the 10th day of the following month, the consolidated monthly statement informing notably on:

- the volume of operations by currency, by type of operation, and by country or locality of their consolidated statistics;
- the details by operating point, origin or destination, as well as the commissions to be received and paid;
- the names of ordering clients and beneficiaries;
- the information on the slip;
- a statement showing their network;

In addition, they must transmit to the Central Bank of Congo/Direction in charge of the supervision of financial intermediaries no later than April 30 following the closing of the fiscal year:

- the financial statements certified by an auditor member of the National Order of Chartered Accountants (ONEC) authorized by the Central Bank of Congo;
- the report of the auditors;
- the copy of the current funds insurance policy which must be in phase with the volume of transactions carried out;

Article 53:

Extensions of Financial Messengeries operating in provinces or localities other than those of the registered office are required to transmit, no later than the 10th day of the following month, the statistical statements of operations carried out during the month to the provincial entities of the Central Bank of Congo to which they belong according to paragraph 1 of Article 52.

CHAPTER IV: SANCTIONS

Article 54:

Without prejudice to the provisions of Article 13 of Ordinance-Law No. 67-272 of June 23, 1967 defining the regulatory power of the Central Bank of Congo in the matter of exchange as modified and completed to date and those of Laws No. 22/069 of December 27, 2022 and No. 22/068 of December 27, 2022 relating respectively to the activity and control of Credit Institutions, the fight against money laundering and the financing of terrorism and the proliferation of weapons of mass destruction as well as to the Instructions of the Central Bank of Congo No. 15 and 15 bis in force on standards relating to the fight against money laundering and the financing of terrorism, any failure to comply with the provisions of this Instruction exposes the Financial Messenger to one of the following disciplinary sanctions to be pronounced by the Central Bank of Congo:

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BANQUE CENTRALE DU CONGO

- the call to order;
- the reprimand;
- the suspension of activities;
- the withdrawal of the approval granted to the manager;
- the withdrawal of the approval granted to the company.

In addition, the Central Bank of Congo may pronounce, either in place of or in addition to these sanctions, a pecuniary sanction in accordance with the legal and regulatory provisions.

Article 55:

Any Financial Messenger is required to pay the fines imposed under the provisions of legal or regulatory provisions within 30 days from the notification of the sanction, under penalty of being placed on the index of its shareholders and Managers by the BCC.

Article 56:

Within a period of 5 working days from the notification of the sanction, the Financial Messenger having incurred one of the sanctions provided for in Article 54 of this Instruction may introduce a reasoned appeal to the Central Bank of Congo to the extent applicable.

The appeal is however not suspensive of the sanction.

Article 57:

Any natural or legal person providing fund transfer services without prior approval from the Central Bank of Congo is subject to prosecution by the competent judicial authorities.

CHAPTER V: WITHDRAWAL OF APPROVAL

Article 58:

The withdrawal of approval is pronounced by the Central Bank of Congo by virtue of the administrative and disciplinary powers it exercises over Financial Messengeries, notably when one of them:

- does not start activities within three months following the granting of approval;
- no longer exercises its activities for more than six months;
- no longer meets the conditions to which the approval is subject;
- obtained the approval in violation of the provisions of Articles 12 to 15 of this Instruction;
- transmits only erroneous data despite the interpellation of the Regulatory and Control Authority;
- does not systematically respect the legal and regulatory provisions in the matter of the fight against money laundering and the financing of terrorism and the proliferation of weapons of mass destruction.

563, Boulevard Colonel Tshatshi - Kinshasa – Gombe
Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd

BANQUE CENTRALE DU CONGO

CONTINUATION, PAGE 19

Article 59:

The withdrawal of approval entails the deletion of the Financial Messenger from the list provided for in Article 23 of this Instruction. The deletion carries with it the forced dissolution of the Financial Messenger in accordance with the legal provisions on commercial companies.

The Central Bank of Congo proceeds to the publication in the Official Journal and/or on its website of the decision to withdraw the approval of the Financial Messenger.

TITLE IV: TRANSITIONAL AND FINAL PROVISIONS

Article 60:

Financial Messengeries are required to comply with this Instruction.

Existing Financial Messengeries have a period of six (06) months to proceed with the evaluation of their net asset or equity by a chartered accountant, member of the ONEC and authorized by the Central Bank of Congo as an auditor, in order to determine the financial situation of the company and, where applicable, the need for recapitalization regarding the provisions relating to the minimum capital provided for in Article 10 of this Instruction.

A copy of the report of this evaluation is transmitted to the Central Bank of Congo/Direction of Approvals and Regulation.

Article 61:

Existing Financial Messengeries that have a share capital lower than the minimum threshold fixed in Article 10 but whose level of equity or net asset would be equal to or greater than said minimum capital after the evaluation provided for in Article 60, must proceed with the increase of capital by incorporation of reserves and/or retained earnings.

To this end, they request the prior authorization of the Central Bank of Congo in accordance with Article 22 of this Instruction.

Article 62

Existing Financial Messengeries, whose level of equity or net asset would be lower than the minimum capital provided for in Article 10, have an additional period of six (06) months after the evaluation referred to in Article 60, to proceed with a capital increase to reach the minimum threshold, under penalty of withdrawal of approval.

To this end, they request the prior authorization of the Central Bank of Congo in accordance with Article 22 of this Instruction.

563, Boulevard Colonel Tshatshi - Kinshasa – Gombe
Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd

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BANQUE CENTRALE DU CONGO

CONTINUATION, PAGE 20

Article 63

International fund transfer labels operating in the national space have a period of six (6) months to regularize their situations, notably the legal status and the request for approval as a Financial Messenger.

Article 64:

Credit Institutions and financial companies authorized to carry out fund transfer operations and using the labels of international fund transfer companies cannot sign partnership contracts except with the subsidiaries of said companies established in the DRC in accordance with this Instruction.

To this end, they have a period of twelve (12) months to comply with the preceding paragraph of this article.

Article 65:

Any matter relating to the activity of Financial Messengeries not provided for by these provisions is to be submitted to the appreciation of the Central Bank of Congo.

This Instruction enters into force on the date of its signature and repeals all previous provisions contrary to it.

Made in Kinshasa, on JUL. 26, 2023

MALANGU KABEDI MBUYI
Governor

563, Boulevard Colonel Tshatshi - Kinshasa – Gombe
Email: sgouverneur@bcc.cd - Website: http://www.bcc.cd