Intermediaries in banking operations in Cameroon carry out their activities under a mandate issued by a credit institution. This mandate specifies the nature, conditions, and procedures for the services that the intermediary is authorized to perform.
The practice of the profession of intermediary in banking operations within the territory of any CEMAC member state is subject to prior authorization from the Monetary Authority, granted after approval by the Banking Commission. It is regulated by Reglement-COBAC-R-2023-02-intermediaires-en-operations-de-banque
An intermediary bank is a bank that acts on behalf of the bank sending money in order to facilitate international financial transactions.
Intermediaries in banking ensure that capital flows efficiently between those who have it and those who need it
The application for prior authorization to practice as an intermediary in banking operations is submitted to the Monetary Authority and a receipt is issued. A copy of the application, along with the receipt, is sent by the applicant to the Banking Commission for its information.
The application for prior authorization must be accompanied by the documents referred to in Article 14 of the regulations.
The application for prior authorization is forwarded to the COBAC (Central African Banking Commission) by the Monetary Authority for its approval. The COBAC can only issue its opinion after the Monetary Authority has officially submitted the application.
From the date of receipt of the complete application, the Banking Commission has three (3) months to issue its decision and notify the Monetary Authority. The absence of a decision within this period constitutes approval.
When the application for authorization is incomplete, the COBAC General Secretariat informs the applicant in writing, with a copy to the Monetary Authority, and requests that the applicant provide the missing information or documents.
As part of the review process, the General Secretariat of COBAC may request any additional documents and information it deems necessary.
Any request for additional information suspends the review period until the requested information is received.
The General Secretariat of COBAC may, if it deems it necessary, summon the applicant for an interview to assess their level of competence and knowledge of the profession.
Prior authorization is granted by order of the Monetary Authority, with a copy sent to the applicant, the Banking Commission, and the National Directorate of the Bank of Central African States.
As part of the review of the prior authorization application, COBAC verifies the absence of prohibitions, incompatibilities, or conflicts of interest and assesses:
- For corporate intermediaries in banking operations:
i) financial capacity;
ii) the quality of the internal control system;
iii) the educational, experience, and integrity requirements of the manager;
- For individual intermediaries in banking operations: educational, experience, and integrity requirements.
In the case of a corporate banking intermediary, the COBAC verifies the identification of its beneficial owner.
For the purposes of this regulation, the beneficial owner is the natural person
who ultimately owns or controls a client and/or the natural or legal person on whose behalf a transaction is carried out. This also includes persons who ultimately exercise effective control over a legal entity or legal arrangement.
The individual banking intermediary or the manager of the legal entity must hold at least a master's degree in economics, banking, finance, private law, accounting, or management, or any other equivalent recognized qualification at the time of application, and demonstrate at least two years of professional experience in the aforementioned fields.
Alternatively, he must hold at least a bachelor's degree in economics, banking, finance, private law, accounting or management, or any other equivalent recognized diploma at the time of application, and demonstrate at least five years of professional experience in the aforementioned fields.