Regulatory Alerts2015-09-29
Decision No. 31 of September 29, 2015 on the Compensation and Settlement of Monetary Operations in the West African Monetary Union
The Council of Ministers of the West African Monetary Union (UMOA) issued Decision No. 31 to standardize the compensation and settlement of card-based monetary transactions across member states, mandating that all such transactions be cleared and settled in CFA francs. The regulation requires any compensation or settlement system operating between UMOA-based issuers and acquirers to obtain prior authorization from the Central Bank of West African States (BCEAO). All designated financial institutions, including banks, payment entities, and electronic money issuers, must align their operations with these rules within three months of the decision's signature.
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