• Disciplinary and financial sanction against bank X located in Benin

During its session held on September 20, 2022, the WAMU Banking Commission, after hearing the leaders concerned, pronounced a reprimand against Bank X installed in Benin. This disciplinary sanction is motivated by breaches of the legal and regulatory texts applicable to credit institutions, noted during a specific verification carried out with this bank, from March 21 to April 1, 2022.

In addition to the aforementioned disciplinary sanction, bank X was fined a pecuniary sanction in the amount of three hundred (300) million FCFA, with regard to the aforementioned offenses falling under the second and third categories, in accordance with the provisions of Instruction No. 006-05-2018 of May 16, 2018 setting the terms of application of the financial penalties imposed by the WAMU Banking Commission against WAMU credit institutions.

This publication is made for an indefinite period.

• Disciplinary and financial sanction against Bank Y located in Benin

During its session held on September 20, 2022, the WAMU Banking Commission, after hearing the leaders concerned, issued a reprimand against Bank Y located in Benin. This disciplinary sanction is motivated by breaches and violations of the system for combating money laundering and the financing of terrorism, noted during the verification carried out with this bank, from April 4 to 12, 2022.

In addition to the aforementioned disciplinary sanction, Bank Y was fined a pecuniary sanction of a respective amount of three hundred (300) million FCFA, with regard to the above-mentioned offenses falling under the first and third categories, in accordance with the provisions of the Instruction No. 006-05-2018 of May 16, 2018 setting the terms of application of the financial penalties imposed by the WAMU Banking Commission against WAMU credit institutions.

This publication is made for an indefinite period.

• Disciplinary sanction against a manager of Bank Y located in Benin

During its session held on September 20, 2022, the Banking Commission suspended a manager of Bank Y based in Benin from his duties. This disciplinary sanction is motivated by the knowingly inaccurate sworn statement produced by the manager concerned in the application file for derogation from the nationality condition introduced in his favour.

The aforementioned suspension entails a ban on the interested party directing, administering or managing a WAMU credit institution or one of its agencies, carrying out banking activities, proposing to the public the creation of a credit institution and to take holdings in the capital of a credit institution, in accordance with the provisions of Article 26, paragraph 3 of the Law on banking regulations in the Republic of Benin.

The aforementioned prohibitions also apply to the suspended leader with regard to the decentralized financial systems of WAMU, under article 32 of the Law regulating decentralized financial systems in the Republic of Benin.

This publication is made for an indefinite period.