Regulatory Alerts2013-12-03
Instruction No. 002/DGSIF/DSB of December 2, 2013, on Internal Control
The Governor of the Central Bank of the Republic of Guinea issued Instruction No. 002/DGSIF/DSB on December 2, 2013, to establish a comprehensive internal control system for all credit institutions, including banks, financial institutions, and specialized financial institutions. This instruction mandates the implementation of an Internal Audit Committee, distinct permanent and periodic control functions with strict independence, and a dedicated compliance function to ensure adherence to legal, regulatory, and ethical standards, including anti-money laundering and counter-terrorist financing. It further requires detailed documentation, regular reporting to General Management, the Internal Audit Committee, and the Central Bank on risk management, control effectiveness, and any significant changes or exceptions, ensuring robust oversight and financial stability.