Regulatory Alerts2023-06-26
Added · Updated
INSTRUCTION N° 52 ON THE PREVENTION, CENTRALIZATION AND DISSEMINATION OF PAYMENT INCIDENT INFORMATION
The Central Bank of Congo establishes the Payment Incident Central (CIP) and mandates credit institutions and financial companies to report client data, account details, and payment incidents within strict deadlines. The regulation defines specific reporting obligations for payment irregularities, including insufficient funds and fraud, and sets a 10-year retention period for CIP data. It imposes liability on institutions for issuing payment instruments to sanctioned clients and allows for the lifting of banking bans upon regularization of incidents and payment of penalties.