The Central African Banking Commission COBAC, has sanctioned a number of banking institutions in the CEMAC subregion for violating the laws governing Banking and Finance in the Zone.
In a press release made public on October 5, COBAC gave sanctions to about 12 banks in the CEMAC subregion including Cameroon banks like the Crédit Communautaire d’Afrique (CCA-Bank), National Financial Crédit Bank (NFC).
COBAC reveals CCA-Bank is reprimanded for having launched an operation or extended its services without requesting the banking regulator’s approval. Some sanctioned financial officers of the institution include Albert Nkemla (Chairman of the Board of Directors) and André Alexis Megudjou (General Manager).
For the NFC Bank, which is also implicated, a warning had been issued to them as they failed to exercise vigilance in the fight against money laundering and terrorism financing. The Banque Atlantique in Cameroon (BACM) has also seen its general manager, deputy general manager and some of its board members suspended.