Regulatory Alerts2019-03-01
Added · Updated
Instruction No. 34 on the Exercise of Disciplinary Power by the Central Bank of Congo
Instruction No. 34 establishes the disciplinary framework and specific sanctions applicable to Savings and Credit Cooperatives (COOPEC) and Microfinance Institutions (IMF) supervised by the Central Bank of Congo. It authorizes the Central Bank to impose penalties such as warnings, censures, operational bans, removal of directors, auditor revocation, and license withdrawal for non-compliance with legal and regulatory obligations. The instruction details a matrix of monetary fines with specific minimum amounts in USD equivalents and percentage-based calculations for various infractions, including breaches of licensing conditions, governance failures, reporting delays, prudential norm violations, and consumer protection breaches. These provisions apply to all COOPECs and IMFs subject to the Central Bank's oversight, with sanctions enforceable through standard or urgent procedures as defined in the Banking Law.
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