Regulatory Alerts2020-01-01
Regulatory Decision No. 24-2020/BCC/DSBR on Pecuniary Sanctions for Financial Institutions for Failure to Meet Reporting Obligations to the BCC
The Central Bank of the Comoros issued Regulatory Decision No. 24-2020/BCC/DSBR to impose escalating daily monetary penalties on financial institutions that fail to submit mandatory periodic reports and risk data on time. The sanctions structure begins at 25,000 KMF per day for the first 15 days of delay, increases to 50,000 KMF for the next 15 days, and rises to 150,000 KMF thereafter, with specific caps and rules for Credit Risk and Payment Incidents Central (CdRIP) declarations. Penalties are automatically recovered via debit from the institution's central bank account following a formal notice, with the regulation entering into force on October 1, 2020.
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