Regulatory Alerts2024-09-01
Added · Updated
Regulation No. 003 of 2024 on Commercial Agent Activities in Banking Operations and Payment Services
The Banque de la République du Burundi issued Regulation No. 003 of 2024 to revise the framework governing commercial agents in banking and payment services, aligning it with updated national laws on banking, payments, and anti-money laundering. The regulation mandates that supervised establishments remain fully financially and legally responsible for their agents' operations while imposing strict eligibility criteria, registration requirements, and security standards on the agents themselves. It further defines authorized and prohibited activities, establishes a hierarchy of primary and secondary agents, and enforces professional secrecy and contract termination procedures to protect consumers and ensure regulatory compliance.