• Disciplinary and financial sanctions against a bank established in Benin

During its session held on November 12, 2024, the WAMU Banking Commission, after hearing the managers concerned, issued a reprimand against a bank established in Benin. This disciplinary sanction is motivated by shortcomings noted in the management of the bank and breaches of the legal and regulatory texts applicable to credit institutions. In particular, weaknesses were identified in terms of prudence, governance, risk management and the system for combating money laundering and the financing of terrorism.

In addition to the aforementioned disciplinary sanction, the bank was fined three hundred million (300,000,000) CFA francs, in respect of the aforementioned offences falling under the second and third categories, in accordance with the provisions of Instruction No. 006-05-2018 of May 16, 2018 establishing the terms of application of financial sanctions imposed by the UMOA Banking Commission against UMOA credit institutions.

This publication is made for an indefinite period.

• Disciplinary and financial sanctions against a bank established in Burkina

During its session held on November 12, 2024, the WAMU Banking Commission, after hearing the managers concerned, issued a reprimand against a bank established in Burkina. This disciplinary sanction is motivated by shortcomings noted in the management of the bank and violations of the legal and regulatory texts applicable to credit institutions. In particular, weaknesses were identified in terms of prudence, governance, risk management and the system for combating money laundering and the financing of terrorism.

In addition to the aforementioned disciplinary sanction, the bank was fined one hundred and fifty-one million (151,000,000) FCFA, in respect of the aforementioned offences falling under the second and third categories, in accordance with the provisions of Instruction No. 006-05-2018 of May 16, 2018 establishing the terms of application of financial sanctions imposed by the UMOA Banking Commission against UMOA credit institutions.

This publication is made for an indefinite period.

• Disciplinary sanction against an electronic money institution established in Senegal

During its session held on November 12, 2024, the WAMU Banking Commission, after hearing the managers concerned, issued a warning against an electronic money institution established in Senegal. This disciplinary sanction is motivated by the inadequacies noted in the management of the entity and the violations of the legal and regulatory texts applicable to electronic money institutions. In particular, weaknesses were identified in terms of prudence, governance, the issuance and distribution of electronic money as well as the system for combating money laundering and the financing of terrorism of this establishment.

In addition to the aforementioned disciplinary sanction, the institution was fined thirty-eight million (38,000,000) FCFA, for the aforementioned offenses falling under the third category, in accordance with the provisions of Instruction No. 002-03-2019 of March 25, 2019 setting out the terms of application of financial sanctions imposed by the WAEMU Banking Commission against WAEMU electronic money institutions.

This publication is made for an indefinite period.