Regulatory Alerts2023-12-28
Added · Updated
Instruction No. 26/GR/2023 on Internal Control and Risk Management Systems in Credit Institutions
The Central Bank of Mauritania mandates credit institutions to establish a comprehensive internal control and risk management framework comprising three lines of defense, distinct compliance and risk management functions, and periodic internal audit. The regulation defines key risk categories including credit, market, liquidity, operational, legal, concentration, systemic, leverage, and climate-related risks, while requiring specific organizational independence, reporting lines to the Board of Directors, and adherence to anti-money laundering standards. It further stipulates requirements for documentation, accounting organization, outsourcing of essential services, and reporting obligations to the regulator.
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