The internal control framework of the principal credit institution, as stipulated by COBAC Regulation R-2016/04 of March 8, 2016, concerning internal control in credit institutions and financial holding companies, applies to intermediaries in banking operations within the framework of their contractual relationship.
Transactions carried out with intermediaries in banking operations must be clearly identified in the institution's accounting records. The audit trail must allow for the uninterrupted tracing, according to accounting procedures defined by the institution, of each commission recorded for the benefit of the intermediary back to the banking transaction that generated it.
The procedures for executing the mandates of its intermediaries in banking operations, as well as transactions relating to banking operations carried out on behalf of the intermediaries by the principal institution, must be reported in the reports referred to in Articles 136 and 150 of COBAC Regulation R-2016/04.
As part of the implementation of the internal control system, the principal credit institution ensures that authorized corporate intermediaries comply with the regulatory and contractual limits regarding the maximum amount and duration of holding these funds.
The mandate given to the banking intermediary includes the possibility for the principal institution to conduct audits of this intermediary.
The principal credit institution ensures that the authorized corporate intermediary implements an internal control system, including fund security measures, that complies with its procedures.
PROFESSIONAL CARD
Any individual or agent of a corporate banking intermediary who physically visits the homes, workplaces, or other locations not intended for the sale of banking products and services of individuals being solicited must hold a professional card issued by the principal credit institution.
The individual or agent of a corporate banking intermediary must have a separate professional card for each mandate. They must present the appropriate card to any individual they solicit.
The professional card bears the holder's signature. It is valid for three (3) years and is renewable, but cannot exceed the remaining term of the mandate. It includes the following information:
- A photograph of the individual or agent of a corporate banking intermediary;
- The name, surname, and professional address of the banking intermediary;
- The name of the principal credit institution on whose behalf the intermediary is acting;
- The card's validity period.
MEASURES TO COMBAT MONEY LAUNDERING AND THE FINANCING OF TERRORISM
The due diligence obligations related to combating money laundering and terrorist financing to which the principal credit institution is subject extend to its relationship with clients brought in by the intermediary in banking transactions.
The intermediary in banking transactions is subject to the regulations in force in the CEMAC region concerning the prevention and suppression of money laundering and the financing of terrorism and proliferation.
As such, in the course of its business, it is required to implement all the due diligence measures stipulated by these regulations.