Regulatory Alerts2024-10-01
Circular No. 01/2020 on the Sanctions Matrix Applicable to Financial Products and Services Providers, Issued Pursuant to Regulation No. 001/2019 on Consumer Protection for Financial Products and Services
The Bank of the Republic of Burundi (BRB) issued Circular No. 01/2020 to establish a detailed sanctions matrix for authorized financial products and services providers who violate Regulation No. 001/2019 on consumer protection. The circular categorizes offenses into thirteen areas, including unfair treatment, debt collection, account management, digital services, transparency, pricing, marketing, and complaint handling, specifying corresponding disciplinary and monetary penalties. It mandates a progressive enforcement procedure requiring explanations and directives before sanctions, allows direct sanctions for serious cases, and clarifies payment methods, consumer restitution rights, and the circular's immediate entry into force.
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