Regulatory Alerts2024-03-01
Law No. 119/AN/11/6th L on the Establishment and Supervision of Credit Institutions and Financial Auxiliaries
The National Assembly of Djibouti, promulgated by the President, enacted Law No. 119/AN/11/6th L to regulate the establishment, supervision, and operational framework of credit institutions and financial auxiliaries within the country. The legislation mandates prior approval from the Central Bank of Djibouti for all credit institutions and financial auxiliaries, stipulating minimum capital thresholds, strict eligibility criteria for managers, and mandatory adherence to anti-money laundering and financial security standards. It further classifies financial entities into banks, financial companies, and specialized institutions, defines core banking and ancillary activities, and establishes professional association requirements to ensure systemic stability and consumer protection.