Regulatory Alerts2018-04-12
Instruction No. 003/2018-CSBF on the Governance and Control of Electronic Money Institutions
The Banking and Financial Supervision Commission (CSBF) of Madagascar issued Instruction No. 003/2018-CSBF to mandate comprehensive governance and control standards for electronic money institutions (EMIs). The directive requires EMIs to implement a tripartite governance structure, establish detailed internal control and audit systems, and engage independent statutory and IT auditors for external oversight. Failure to comply subjects institutions to disciplinary and financial sanctions under the Electronic Money Law, with the regulation becoming effective immediately upon publication on the central bank’s website.
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