(enacted in 1990)
The Banking Act of 1990 (Loi Portant Réglementation Bancaire) provides regulations for banks and financial institutions in the West African Economic and Monetary Union (WAEMU). The act defines the scope of control exerted by the Central Bank of West African States (BCEAO) and the WAEMU Banking Commission. Banks and financial institutions must be authorized and registered in accordance with this law in order to operate. This authorization is granted by the respective Minister of Finance after BCEAO has examined the application and the WAEMU Banking Commission has certified its conformity with applicable laws.
The law addresses the following topics:
- the classification of a bank or financial institution;
- the scope of banking regulations;
- approval and withdrawal of banks and financial institutions;
- management and staff of banks and financial institutions;
- regulation of banks and financial institutions;
- rules of the West African Economic and Monetary Union; and
- control and sanctions.
DISCLAIMER: Due to the fact that an official English translation was unavailable for this law, information for this summary has been taken from secondary sources and unofficial translations and not from review of the actual legal text.