Regulatory Alerts2016-03-21
Added · Updated
Law No. 003/2002 of February 2, 2002 on the Activity and Control of Credit Institutions
This law establishes a unified legal framework for all credit institutions in the Democratic Republic of Congo, replacing the 1972 Ordinance-Law. It defines credit institutions as legal entities performing banking operations, categorized into banks, savings and credit cooperatives, savings banks, specialized financial institutions, and financial companies. The legislation mandates central bank approval for establishment, imposes prudential supervision and reporting requirements, and outlines procedures for license withdrawal, dissolution, and liquidation. It also enforces professional secrecy with specific exceptions, establishes deposit protection systems, and defines disciplinary sanctions for non-compliance.