Prudential Device Applicable to Banks and Financial Institutions of WAEMU

WAEMU

(enacted in 2000)

The Prudential Device Applicable to Banks and Financial Institutions of WAEMU of 2000 (Dispositif Prudentiel Applicable aux Banques et aux Establissements Financiers de L’Union Monetaire Ouest Africaine (UMOA)) sets prudential standards for banks and financial institutions. The rules discuss minimum capital requirements for banks and financial institutions, accounting rules, and rules of lending to insiders, and also cover the following topics:

  • regulation of operations conducted by banking institutions;
  • management standards; and
  • miscellaneous provisions.

DISCLAIMER: Due to the fact that an official English translation was unavailable for this regulation, information for this summary has been taken from secondary sources and unofficial translations and not from review of the actual legal text.