The Banking Commission of the West African Monetary Union (Umoa) sanctioned two banks established IN Senegal during its last session, held on March 22. They will have to pay nearly half a billion CFA francs in penalties.
Two Senegalese banks have been sanctioned by the Umoa banking commission. The first received a reprimand due to breaches and violations of legal and regulatory texts applicable to credit institutions.
Also, weaknesses were noted in the governance, risk management, financial and prudential situations as well as the system to combat money laundering and the financing of terrorism of this bank. In addition to the disciplinary sanctions, the bank received a financial penalty amounting to 300,000,000 CFA francs.
For the second bank, it also received a reprimand due to shortcomings and infractions noted in the system to combat money laundering and the financing of terrorism. “In addition to the aforementioned disciplinary sanction, the bank received a financial sanction in the amount of 151,000,000,” informs the Umoa banking commission.
