Central Bank of West African States UMOA Banking Commission sanctions four banks and an electronic money institution with fines up to XOF 300 million

The UMOA Banking Commission of the Central Bank of West African States has imposed disciplinary measures and monetary fines on four banks in Burkina Faso, Côte d’Ivoire and Niger and on an electronic money institution in Senegal, after hearing the relevant managers and finding breaches of applicable legal and regulatory requirements. The cases cite weaknesses in governance and risk management and, in several instances, shortcomings in anti-money laundering and counter-terrorist financing (AML/CFT) frameworks and compliance with prudential standards. At its 20–21 March 2025 session, the Commission issued a reprimand to a bank in Burkina Faso and fined it XOF 300 million for second- and third-category offences under Instruction No. 006-05-2018. It also issued a warning to a second bank in Burkina Faso and fined it XOF 151 million for third-category offences, citing AML/CFT control weaknesses identified during an inspection. A bank in Côte d’Ivoire received a reprimand and a XOF 300 million fine for governance, risk management and AML/CFT deficiencies, while a bank in Niger was reprimanded and fined XOF 300 million for governance, risk management and AML/CFT weaknesses, both under Instruction No. 006-05-2018. Separately, an electronic money institution in Senegal received a warning and a XOF 38 million fine for governance, risk management, prudential compliance and AML/CFT deficiencies, under Instruction No. 002-03-2019.