• Disciplinary sanction against a decentralized financial system established in Burkina Faso

During its session held on June 20, 2022, the Banking Commission, after hearing the leaders concerned, gave a reprimand to a decentralized financial system (SFD) established in Burkina Faso. This disciplinary sanction is motivated by shortcomings in the management and infringements noted following an audit carried out with the institution concerned.

This publication is made for an indefinite period.

• Disciplinary sanction against a manager of a decentralized financial system established in Burkina Faso

During its session held on June 20, 2022, the Banking Commission pronounced against a manager of a decentralized financial system established in Burkina Faso, a ban on directing, administering or managing an establishment subject to its control, for a period of five (5) years, from the notification of the decision. This disciplinary sanction is motivated by acts performed by the above-mentioned, within the framework of his functions and the consequences of said acts on the situation of the institution.

This publication is made for a period of five (5) years, starting July 13, 2022.

• Disciplinary and financial sanctions against a bank established in Benin

During its session held on June 20, 2022, the Banking Commission, after hearing the leaders concerned, gave a warning to a bank established in Benin. This disciplinary sanction is motivated by insufficiencies in the management and infringements of the legal and regulatory texts applicable to WAMU credit institutions, noted at the end of a verification mission carried out with the bank concerned.

The shortcomings and offenses that led to the disciplinary sanction relate to governance, credit, liquidity and operational risk management, external financial relations and the fight against money laundering and the financing of terrorism.

In addition to the aforementioned disciplinary sanction, the Banking Commission imposed a pecuniary sanction of two hundred (200) million CFA francs on the bank, with regard to the above-mentioned offenses which fall under the first and second 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 and financial sanctions against a bank established in Mali

During its session held on June 20, 2022 in Dakar, the Banking Commission pronounced a reprimand against a bank established in Mali. This disciplinary sanction is motivated by the insufficiencies and infringements of the legal and regulatory texts applicable to credit institutions, noted at the end of a verification mission carried out with the said bank.

The shortcomings and offenses that gave rise to the disciplinary sanction relate to governance, credit, liquidity and operational risk management, prudential standards, external financial relations as well as the fight against money laundering and the financing terrorism (AML/CFT).

In addition to the aforementioned disciplinary sanction, the Banking Commission imposed a pecuniary sanction in the amount of three hundred (300) million FCFA, on the bank, with regard to the above-mentioned offenses falling under the first, 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.