COBAC exercises the disciplinary power over exchange offices in Cameroon. As such, it carries out periodic inspections, particularly on the spot, to ensure that they comply with the regulations governing manual foreign exchange activity in Cameroon.
The Ministry in charge of currency and credit is responsible for the administrative control of exchange offices, which consists in ensuring in particular that:
- The exercise of the approval of exchange offices which carry out manual exchange activity;
- The existence of the authorization provided for in Article 42 of the law;
- The display by approval exchange offices of their approval number;
- The authorization of managers to manage a foreign exchange office;
- The existence of management mandates for the authorised agents etc.
Exchange offices shall submit to the controls provided for in the law. Hence, they shall make available to the Ministry in charge of currency and credit, the Central Bank and COBAC and, where appropriate, to any other person duly authorised under the laws and regulations, the information and documents necessary for their proper conduct.
The Central Bank and COBAC shall draw up a multiannual control plan for CEMAC exchange offices, which shall be updated at the beginning of each calendar year.