Regulation 2023
Regulations N° 001/CMA/2023 of 29/03/2023 determining administrative sanctions applicable to financial institution for non-compliance with the prevention of money laundering, financing terrorism and financing of proliferation of weapons of mass destruction requirements
Issued by Capital Market Authority
Plain-English summary
Lets the CMA impose one or more of 16 sanctions, from financial penalties and public reprimand to licence restriction or revocation and recovery of twice the benefit gained (Art. 7), and written warning, suspension or dismissal of board members and senior managers (Art. 8). Administrative fines run from FRW 500,000 to FRW 5,000,000 per violation by category of institution (Art. 10 and annex). An institution may appeal to the CMA within 14 working days (Art. 11). In force on publication in the Official Gazette Special of 30/03/2023 (Art. 15).
Who it applies to
Capital Markets
Topics
AML / CFT / Sanctions
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