Regulatory Alerts1979-04-23
Instruction to Banks and Financial Institutions Regarding Risk Centralization
The Central Bank of West African States (BCEAO) has issued a new instruction replacing the 1959 regulations to modernize risk centralization for registered banks and financial institutions across the West African Monetary Union. The directive mandates monthly, institution-specific risk declarations using standardized forms (CR 207 M and CR 208), establishes clear registration, modification, and cancellation procedures for beneficiaries, and sets precise thresholds and deadlines for reporting credit exposures. Furthermore, it enforces strict confidentiality of submitted data while empowering the BCEAO to exclude or reinstate beneficiaries based on usage thresholds and requiring full cooperation from reporting institutions upon request.
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