Instruction No. 003-06-2016 on Control and Compliance Audit Procedures for Credit Information Bureaux

The Governor of the Central Bank of West African States (BCEAO), Having regard to the Treaty of the West African Monetary Union (UMOA) dated January 20, 2007, particularly Article 34; Having regard to the Statutes of the Central Bank of West African States, annexed to the UMOA Treaty dated January 20, 2007, particularly Articles 30 and 59; Having regard to the Uniform Act regulating Credit Information Bureaux in UMOA Member States, particularly Articles 24, 28, 29, 30, 41, 64, 68, 69 and 76, DECIDES

PRELIMINARY TITLE: GENERAL PROVISIONS
Article 1: Object
This instruction sets forth the procedures for on-site and documentary controls, as well as the annual compliance audit of Credit Information Bureaux.

TITLE I: ON-SITE CONTROL
Article 2: Frequency and Scope of Controls
Credit Information Bureaux are subject to on-site control at least once every two years by the BCEAO, or, upon its request, by the General Secretariat of the UMOA Banking Commission or the Ministry in charge of Finance of the State where they are established. On-site controls may be extended to representation offices, branches, or subsidiaries of Credit Information Bureaux.

Avenue Abdoulaye Fadiga
P.O. Box 3108 – Dakar, Senegal
Tel.: (221) 33 839 05 00 / Fax: (221) 33 823 93 35 www.bceao.int

INSTRUCTION NO. 003-06-2016 SETTING FORTH THE PROCEDURES FOR CONTROL AND COMPLIANCE AUDIT OF CREDIT INFORMATION BUREAUX

Article 3: Notification of Control Dates
The dates of on-site visits, as well as the provisional list of documents and information to be prepared, are notified to Credit Information Bureaux by the controlling body at least one month prior to the auditors' arrival.

Article 4: Access to Premises and Information Systems
Credit Information Bureaux take appropriate measures to ensure full access for the control team to their premises, information systems, and all documents, information, or records.

Article 5: Notification of Control Results
The findings from the control and the resulting recommendations are communicated to the controlled Credit Information Bureaux via a report within two months following the on-site visit. This report specifies, where applicable, regulatory infringements committed by said Bureaux, breaches of professional conduct rules, and any other management anomalies identified during the control.

Article 6: Implementation of Control Recommendations
Credit Information Bureaux take appropriate measures to ensure diligent implementation of control recommendations and report on them quarterly to the BCEAO.

TITLE II: DOCUMENTARY CONTROL
Article 7: Reporting Framework to the BCEAO
Credit Information Bureaux are subject to documentary control by the BCEAO based on a reporting framework incorporating indicators measuring their activity, in relation to the information they collect from data providers. This framework also tracks indicators measuring the credit market within the Union. The reporting framework referred to in the first paragraph and its updates are communicated by the BCEAO to Credit Information Bureaux.

Article 8: Deadlines and Method of Transmitting the Reporting Statement to the BCEAO
Credit Information Bureaux transmit to the BCEAO on a monthly basis, and no later than the twentieth day following the closing date of the month under review, the required reporting statement in accordance with the framework communicated to them. The reporting statement is transmitted to the Central Bank in three copies on paper media. A copy of the statement is also transmitted to the BCEAO on electronic media in a flexible format, notably Microsoft Office Word or OpenOffice Text.

TITLE III: COMPLIANCE AUDIT
Article 9: Audit Completion Deadline
The annual compliance audit is completed no later than three months after the end of the relevant year.

Article 10: Selection of the Audit Firm
The Credit Information Bureau selects the external firm responsible for conducting its compliance audit based on a call for tenders. The firm selection procedure is renewed every three years. Following the evaluation of bids, the Credit Information Bureau establishes a list of at least three firms, which it submits to its Audit Committee. If the number of bidders is lower than that provided in paragraph 2 above, the Credit Information Bureau proceeds with the evaluation based on the received bids. The name of the selected firm is communicated to the Central Bank for information.

Article 11: Compliance Audit Report to the BCEAO
The Credit Information Bureau transmits the annual compliance audit report to the BCEAO no later than four months after the end of the relevant year.
The compliance audit report is transmitted to the Central Bank in three copies on paper media. A copy of the report is also transmitted to the BCEAO on electronic media in a flexible format, notably Microsoft Office Word or OpenOffice Text.

TITLE IV: FINAL PROVISIONS
Article 12: Compliance with Rules and Sanctions
Non-compliance with the rules set forth in this instruction is sanctioned in accordance with the provisions of the Uniform Act regulating Credit Information Bureaux in UMOA Member States.

Article 13: Entry into Force
This instruction enters into force on the date of its signature. It shall be published where necessary.

Done in Dakar, on June 9, 2016
Tiémoko Meyliet KONE