Regulatory Alerts2023-08-24
Added · Updated
Instruction No. 061/CREPMF/2020 on the Organization of the Internal Control System for Regional Financial Market Actors in the UMOA
The Regional Council for Public Savings and Financial Markets (CREPMF) of the West African Monetary Union issued Instruction No. 061/2020 to establish comprehensive internal control system (ICS) requirements for approved regional financial market actors. The regulation mandates that entities implement a risk-based ICS framework encompassing defined governance roles, clear separation of duties, robust audit trails, and a three-line defense model. It further stipulates the designation, independence, and reporting obligations of the Head of Internal Control to ensure ongoing compliance, effective risk management, and transparent financial operations.
More like this from AMF-UMOA
We email you every new AMF-UMOA publication the day it's published.