Instruction n°006-05-2018 du 16 mai 2018 fixant les modalités d'application des sanctions pécuniaires prononcées par la Commission Bancaire de l'UMOA (établissements de crédit) (Instruction on applying the pecuniary sanctions imposed by the UMOA Banking Commission to credit institutions)

Circular 2018 status not recorded

Instruction n°006-05-2018 du 16 mai 2018 fixant les modalités d'application des sanctions pécuniaires prononcées par la Commission Bancaire de l'UMOA (établissements de crédit) (Instruction on applying the pecuniary sanctions imposed by the UMOA Banking Commission to credit institutions)

Issued by Commission Bancaire de l'UMOA (UMOA Banking Commission)

Effective: 28 May 2018

Plain-English summary

BCEAO instruction signed in Dakar on 16 May 2018 and in force from 28 May 2018. It sorts breaches by credit institutions into three categories (administrative formalities; accounting, reporting and internal control; financial structure) with fine ranges and a cap of 300 million FCFA for banks and 90 million FCFA for financial establishments with banking status, and lets the BCEAO collect fines after a two-month appeal period.

Who it applies to

Banking

Topics

Prudential & Capital AML / CFT / Sanctions

Official source

Latest news

US sanctions bill targets Russian energy sector under Graham legislation 3 Oct 2026
Proposed United States legislation aims to impose sanctions targeting Russia's energy infrastructure and related financial flows. Named in honor of the late Senator Lindsey Graham, who was a prominent Ukraine aid…
RBI extends supervisory directions for Industrial Co-operative Bank Ltd. 3 Oct 2026
The Reserve Bank of India has extended supervisory directions issued to The Industrial Co-operative Bank Ltd., Guwahati under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive…
AUSTRAC Examines Western Union AML Controls and Transaction Monitoring 26 Sep 2026
Australia's financial intelligence unit has initiated a formal investigation into Western Union's anti-money laundering framework and compliance infrastructure. The regulatory examination focuses on the company's…
RBI finalizes Basel III market risk capital requirements for banks 26 Sep 2026
The Reserve Bank of India has issued final Directions on minimum capital requirements for market risk under the revised Basel III framework, effective April 1, 2027. The framework adopts the Simplified Standardised…
RBI penalizes gold-loan fintech KLM Axiva Finvest Limited for auction surplus non-payment 26 Sep 2026
The Reserve Bank of India imposed a monetary penalty of ₹2.70 lakh on KLM Axiva Finvest Limited for regulatory non-compliance discovered during statutory inspection. The company failed to remit surplus amounts to…