Regulatory Alerts2008-02-12
Added · Updated
Instruction No. IGR/2008 Defining Conditions for Bank Approval, Shareholding Acquisition or Extension, and Rules for Bank Executives
Instruction No. IGR/2008 establishes the conditions and criteria for approving banks in Mauritania, including a minimum capital requirement of six billion ouguiyas and a mandatory contribution of 1.75% to the deposit guarantee fund. It mandates prior authorization from the Monetary Policy Council for the creation of banks, changes in shareholdings exceeding one-tenth of capital, and modifications to legal structure or management. The instruction prohibits individuals convicted of specific financial or common law crimes from managing banks and requires the declaration of executive appointments and cessations to the Central Bank of Mauritania. It further imposes obligations on banks to monitor shareholder honorability, competence, and the lawful origin of funds, with non-compliance resulting in the nullity of operations or withdrawal of approval.