Regulatory Alerts2018-05-16
BCEAO Instruction 006-05-2018 on Monetary Sanctions for UMOA Credit Institutions
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 006-05-2018 to establish the implementation framework and maximum monetary sanctions for UMOA credit institutions found in breach of banking regulations. The Instruction classifies regulatory offences into three risk-based categories, sets specific sanction quantum ranges for banks and financial institutions, and mandates automatic recovery through direct account debits after a two-month appeal period. It repeals prior contradictory provisions, takes effect on 28 May 2018, and attaches a detailed classification grid outlining specific administrative, accounting, and financial structure breaches alongside their corresponding penalty amounts.
Share