At its 16 December 2024 session, the West African Monetary Union (UMOA) Banking Commission, operating under the Central Bank of West African States, imposed disciplinary measures and monetary penalties on a bank established in Senegal, a bank established in Togo, and an electronic money institution established in Benin for breaches of applicable legal and regulatory requirements, including weaknesses in governance, risk management and anti-money laundering and counter-terrorist financing (AML/CFT) controls. The bank in Senegal received a reprimand and a XOF 300 million fine, linked to offences in the second and third categories, citing shortcomings in governance, risk management and AML/CFT arrangements. The bank in Togo received a reprimand and a XOF 151 million fine for third-category offences following identified AML/CFT weaknesses during an on-site review. The Benin electronic money institution received a warning and a XOF 38 million fine for second- and third-category offences, with deficiencies noted in prudential matters, governance, electronic money issuance and distribution, and AML/CFT; the fines were applied under Instruction No. 006-05-2018 for banks and Instruction No. 002-03-2019 for electronic money institutions.
Central Bank of West African States 2025-01-22
Central Bank of West African States' UMOA Banking Commission issues disciplinary sanctions and XOF 489 million in fines to two banks and a Benin e-money institution
The West African Monetary Union Banking Commission, under the Central Bank of West African States, imposed fines on financial institutions in Senegal, Togo, and Benin for regulatory breaches. The Senegalese bank was fined XOF 300 million for governance and AML/CFT deficiencies, while the Togolese bank received a XOF 151 million fine for AML/CFT weaknesses. The Beninese electronic money institution was fined XOF 38 million for governance, prudential, and AML/CFT compliance issues.