Regulatory Alerts2017-12-19
Law No. 2017-018 Governing the Integrated Information System of Banky Foiben'i Madagasikara
The Presidency of Madagascar enacted Law No. 2017-018 to establish a comprehensive legal framework for the Integrated Information System (SII), managed by Banky Foiben'i Madagasikara (BFM). The legislation mandates credit institutions, public bodies, and enterprises to supply accurate financial and commercial data, which BFM centralizes into interconnected centers for risk assessment, credit supervision, and public information. It further defines data retention periods, security obligations, professional secrecy, user rights, and specific administrative and criminal sanctions for non-compliance.
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