Regulatory Alerts2025-05-27
Added · Updated
Instruction No. 18 (Modification No. 3) on Approval Conditions for Credit Institutions, Their Directors, and Modification of Statutory Situations
The Central Bank of Congo establishes the conditions and procedures for the prior approval of credit institutions, their directors, and changes to their statutory situations, while defining operations requiring prior authorization or information. The regulation mandates specific governance structures, including a reference shareholder with financial backing and a minimum of four shareholders holding at least 15% each, and outlines detailed documentation requirements for applications. It sets a 90-day decision timeline for the Central Bank and specifies grounds for refusal, such as risks related to money laundering or lack of transparency in ownership chains.
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