Regulatory Alerts2016-06-09
Instruction No. 003-06-2016 on Control and Compliance Audit Procedures for Credit Information Bureaux
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 003-06-2016 to establish the procedural framework for on-site and documentary controls, as well as annual compliance audits, for Credit Information Bureaux within the UMOA region. The directive mandates biennial on-site inspections, monthly documentary reporting with specific submission deadlines and formats, and a triennial tender process for selecting external audit firms. It further requires timely notification of control findings, quarterly implementation reporting, and imposes sanctions for non-compliance in accordance with the UMOA Uniform Act.
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