In conformity with Regulation 03/2018 CEMAC/UMAC of December 21, 2018,
Financial penalties are applied taking into account the financial situation of the affected Credit Information Bureau in Cameroon, particularly those undergoing restructuring.
Financial penalties are imposed by the BEAC (Bank of Central African States) as part of a disciplinary procedure, after inviting the Credit Information Office to submit its observations in writing.
When the BEAC considers imposing a financial penalty on an ICE, its directors have fifteen (15) days from the date the Credit Information Office is notified to submit their observations by any means that provides a written record.
If necessary, the BEAC invites the directors of the Credit Information Office in Cameroon to present their observations orally.
The classification of violations of the Credit Information Office regulations depends on their nature and severity. These violations are grouped into two categories:
- First Category: Lack of prior authorization, breaches of rules relating to corporate governance, internal control and risk management, business continuity, accounting practices, financial information and regulatory reporting;
- Second Category: Offenses related to non-compliance with rules regarding confidentiality, data protection and preservation, customer rights, data reliability, and the quality of services offered to users of credit information.
When the BEAC decides to impose a financial penalty on a credit bureau, it specifies the amount of said penalty in the same decision.
The amount of the financial penalties, by category of offense, is set as follows:
- First category offenses: One million to twenty-five million CFA francs;
- Second category offenses: Twenty-five million to fifty million CFA francs.
In the event of multiple offences requiring, within the framework of the same disciplinary procedure, the application of several financial penalties, for offences falling under one or both categories, the cumulative amount of said penalties shall not exceed one hundred million CFA francs.
The amounts corresponding to the financial penalties imposed by the BEAC are recovered for the benefit of the National Economic and Financial Committee of the jurisdiction where the Credit Information Office registered office is located, by any means prescribed by the BEAC.
The Credit Information Office sends a notification to BEAC, accompanied by all supporting documents proving the actual payment of the financial penalty.