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    COBAC issues notice to seven banks in Central Africa

    APA-Douala (Cameroon)

    The Central African Banking Commission (COBAC) has pinpointed the management of banking institutions and Microfinance Institutions (MFIs) operating within the Central African Economic and Monetary Community (CEMAC), including seven banks in default, APA learned on Thursday from the main regulator.

    According to the statement to APA, COBAC, which met in an ordinary session under the chairmanship of its president, Abbas Mahamat Tolli, Governor of the Bank of Central African States (BEAC), examined the banking sector’s situation as of June 30, 2018 and the EMF as of March 31, 2018.

    In examining the situation of credit and microfinance institutions in “difficulty and in breach of regulations,” the banking commission decided “to apply reorganisation, restructuring and liability clearance measures to certain taxable institutions and to open disciplinary proceedings against other institutions and their corporate officers.”

    If the regulator has not published a list of the banks involved, warnings and reprimands are linked to them in violation of regulations, particularly in the areas of foreign exchange regulation, internal control and the fight against money laundering.

    If, at the end of the time allowed, the banks concerned do not comply with the regulations, including compliance with prudential standards, eight of them could be placed under provisional administration, failing which they could simply be liquidated.

    The regulator of the banking sector in Central Africa “took note of the effective closure of the liquidation operations of two microfinance institutions.”

    COBAC announced the implementation of all necessary measures to improve the compliance of CEMAC’s supervisory system with best international practices.


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