In an unprecedented decision, the Central Bank of Congo (BCC) has imposed sanctions on the majority of commercial banks in the Democratic Republic of Congo (DRC). Indeed, 66% of these establishments are suffering the wrath of the BCC for non-compliance with regulations, with fines ranging from $50,000 to $300,000.
Under Articles 11 and 25 of Law No. 18/027 of December 13, 2018, the BCC’s mission is to regulate the banking sector, and any deviation can lead to severe sanctions. These sanctions come after the DRC updated two major laws applicable to the banking sector in 2022.
To avoid the risk of non-compliance, financial institutions must appoint a compliance officer. However, the final decision to implement compliance recommendations falls to the executive and deliberative bodies of each institution.
The Governor of the BCC, Ms. Malangu Kabedi Mbuyi, is uncompromising in the face of these violations. Her rigorous approach sends a strong signal to financial institutions, compliance with regulatory requirements is not an option, but a necessity.
This wave of sanctions, unprecedented in the recent history of the Congolese banking sector, requires all financial institutions to quickly comply with the new legal and regulatory framework. This event underscores the urgency of stricter control of banking activity in the DRC, especially in light of the Congo Aconde case, where sanction violations have been highlighted.
Only by strengthening internal control systems and taking severe measures against violations can we ensure financial security and respect for the law in the DRC.
By editor