Regulatory Alerts2024-11-01
Added · Updated
Circular No. 007/SP/2024 Relating to Payment Institutions for International Fund Transfers
The Banque de la République du Burundi issued Circular No. 007/SP/2024 to regulate the activities of payment institutions authorized for international fund transfers, establishing a minimum capital requirement of 300 million BIF and strict operational conditions. The regulation mandates comprehensive reporting, including monthly transaction reports, quarterly complaint summaries, and immediate suspicious transaction declarations to the Financial Intelligence Unit within 48 hours. It further imposes specific transaction limits, anti-money laundering obligations, and a real-time interface sharing requirement with the central bank, backed by a detailed matrix of financial and disciplinary sanctions for non-compliance.