Regulatory Alerts2020-04-24
Regulation No. 02/CEMAC/UMAC/CM/18 on Foreign Exchange Operations in the Economic and Monetary Community of Central Africa
The Banque des États de l'Afrique Centrale (BEAC) issued Regulation No. 02/CEMAC/UMAC/CM/18 to standardize foreign exchange operations across the Economic and Monetary Community of Central Africa (CEMAC). The Regulation mandates that all authorized financial institutions, banking entities, and insurance operators conduct cross-border transactions in XAF or equivalent currencies while adhering to strict current and capital account reporting thresholds. It establishes centralized monitoring through the COSUIVIAF system, enforces compliance via COBAC and CIMA oversight, and requires timely documentation, periodic audits, and standardized declarations to prevent capital flight and ensure regulatory consistency.
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