The Central Bank of West African States’ Banking Commission of the West African Monetary Union (UMOA) has imposed disciplinary and pecuniary sanctions on five banks operating in Benin, Burkina Faso, Niger, Senegal and Togo, following its 25–26 June 2025 session and hearings with the relevant executives, for breaches of legal and regulatory requirements applicable to credit institutions. Three banks (in Benin, Niger and Togo) received a reprimand and a XOF 300,000,000 fine each, while banks in Burkina Faso and Senegal received a warning and a XOF 151,000,000 fine each. The cases cited weaknesses in governance, risk management and anti-money laundering and counter-terrorist financing frameworks, including controls related to the financing of the proliferation of weapons of mass destruction, with the Senegal case also highlighting credit and operational risk management shortcomings. The monetary penalties were applied for infringements classified in the second and third categories under Instruction No. 006-05-2018 on the modalities for pecuniary sanctions.
Central Bank of West African States 2025-07-25
Central Bank of West African States' UMOA Banking Commission sanctions five banks with reprimands or warnings and fines up to XOF 300 million
The Central Bank of West African States’ Banking Commission imposed disciplinary and pecuniary sanctions on five banks in Benin, Burkina Faso, Niger, Senegal, and Togo for regulatory breaches. Three banks were fined XOF 300 million each, while two received XOF 151 million fines for governance, risk management, and anti-money laundering deficiencies. The penalties were based on second and third category infringements under Instruction No. 006-05-2018.