Regulatory Alerts2023-12-29
Added · Updated
Instruction No. 78/AMF-UMOA/2023 on the Internal Control and Risk Management Framework of the Central Securities Depository / Settlement Bank (CSD/SB)
Instruction No. 78/AMF-UMOA/2023 establishes the internal control and risk management framework for Central Securities Depositories and Settlement Banks (CSD/SBs) within the West African Monetary Union. It mandates the implementation of a three-line defense model, defines the responsibilities of the governing and executive bodies, and requires the establishment of an independent compliance function with specific charter, resource, and reporting obligations. The instruction further stipulates that significant compliance anomalies must be documented and reported to both the CSD/SB's governing body and the AMF-UMOA.
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