Regulatory Alerts2024-09-01
Added · Updated
Circular No. 006/SP/2024 amending Circular No. 01/EP/19 on the sanction matrix applicable to payment institutions and other payment service providers
Circular No. 006/SP/2024 amends the sanction matrix applicable to payment institutions and other payment service providers in Burundi, replacing Circular No. 01/EP/19. It establishes specific penalties for non-compliance categorized into failures regarding operating conditions, approval conditions, and approval/non-objection requirements. Sanctions include immediate cessation of illegal activities, account freezes, disciplinary measures against directors, and pecuniary fines ranging from 1,000,000 BIF to 100% of the issued amount, depending on the severity of the infraction. The circular mandates that penalties be paid immediately via debit to accounts held at the Central Bank and enters into force upon publication in the Official Bulletin and on the Central Bank's website.
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