Sanctions imposed on banks established in Benin, Senegal and Togo

According to a press release, this disciplinary sanction is motivated by breaches and infractions of the legal and regulatory texts applicable to credit institutions. “In particular, weaknesses were noted in the governance, risk management and system to combat money laundering and the financing of terrorism of this bank,” we read in the document.
In addition to the above-mentioned disciplinary sanction, the bank received a financial sanction in the amount of three hundred million (300,000,000) FCFA, with regard to the above-mentioned offenses falling under the second and third categories, in accordance with the provisions of the ‘Instruction No. 006-05-2018 of May 16, 2018 setting out the terms of application of the financial sanctions imposed by the Commission Banking of Umoa against Umoa credit establishments.
During this same session held on December 16, 2024, the Umoa Banking Commission, after hearing the leaders concerned, issued a reprimand against a bank established in Togo.

An electronic money establishment established in Benin was also sanctioned by this body.
Adou FAYE