Regulatory Alerts2012-02-17
Added · Updated
Administrative Instruction No. 006 Regulating the Activity of Financial Messengers (Modification No. 1)
Administrative Instruction No. 006 establishes the regulatory framework for Financial Messengers in the Democratic Republic of Congo, defining them as legal entities performing fund transfers without physical movement of funds. It mandates central bank authorization, requiring a security deposit of USD 5,000 for domestic operators and USD 10,000 for international operators, alongside strict eligibility criteria regarding criminal records and solvency. The instruction sets operational limits, including a daily transfer cap of USD 10,000 per person for international transactions, and imposes obligations for anti-money laundering compliance, reporting, and the formation of a professional corporation. Non-compliance results in disciplinary sanctions ranging from reprimands to license revocation and financial penalties.