Regulatory Alerts2023-12-29
Instruction No. 78/AMF-UMOA/2023 on the Internal Control and Risk Management Framework of the Central Securities Depository / Settlement Bank (CSD/SB)
The Financial Markets Authority of the West African Monetary Union (AMF-UMOA) issued Instruction No. 78/2023 to establish comprehensive internal control and risk management rules for Central Securities Depositories and Settlement Banks (CSD/SB). The regulation mandates a structured three-line defense model, clear segregation of duties, and an independent compliance function supported by dedicated resources, defined risk appetite, and robust audit committees. It further requires CSD/SB entities to implement continuous compliance monitoring, risk mapping, and documented corrective actions while ensuring strict governance oversight and staff accountability.
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