INTERNAL PROCEDURES FOR A CREDIT INSTITUTION IN CAMEROON
Reporting institutions must draw up and keep up to date manuals of procedures relating to their various activities. These documents must, in particular, describe the
Banking and Finance Blogs
The banking and finance practice blog is aimed at providing all aspects touching on the activities of banks, microfinance and credit institutions, financial institutions and payment service companies in Cameroon.
This material provided by the blog will be based on instructions, circulars and regulations as established by the Ministry of Finance in Cameroon, the Bank of Central African States, the Central African Banking Commission and the National Credit Council.
Finance practice in Cameroon is quite diverse and detailed, and the plethora of instructions, regulations and circulars from the regulatory bodies involved is illustrative of this fact.
With the continuous interest of businessmen and clients wishing to invest in this sector in Cameroon, it is important to understand the structure under which a financial institution or company can be created.
With the increase in terrorism and capital flight in the world today, the finance sector of Cameroon is very much regulated in terms of the institution, shareholders, operations, source of income, directors, audit, and clientele.
The aspect of transparency cannot be over-emphasized as the best practice for banks, microfinance institutions, payment services and finance companies dwell on transparency.
The various write-ups under this blog will cover aspects touching on;
- Banking law
- Microfinance law
- Credit institutions
- Payment service companies, and
- Financial institutions in general
Under the umbrella of MINFI, COBAC, BEAC and the National Credit Council in Cameroon.
CONFORMITY CONTROL
Reporting institutions must set up a compliance monitoring system. This system is responsible for monitoring the risk of non-compliance. The organization of the compliance system
PERMANENT CONTROL SYSTEM (INTERNAL CONTROL OF A CREDIT INSTITUTION)
Reporting institutions must organize their permanent control system in such a way as to ensure that they have systems in place for regular and permanent
SPECIFIC CONDITIONS APPLICABLE TO OUTSOURCING
Outsourced activities are those for which the taxable establishment entrusts a third party, a natural person who is not a member of its staff or
RISK MANAGEMENT SYSTEM
Risk management involves all staff and units responsible for measuring, controlling and monitoring risks. It is carried out under the authority of the executive body
INTERNAL AUDIT
Reporting institutions must set up a second-level control or internal audit system. The organization of the internal audit function must make it possible to verify,
DELIBERATIVE ORGAN (SYSTEM OF INTERNAL CONTROL OF A CREDIT INSTITUTION)
According to Regulation COBAC R-2016/04 relative to internal control in credit institutions and financial holding companies, the deliberative body ensures that the executive body has
EXECUTIVE ORGAN (SYSTEM OF INTERNAL CONTROL OF A CREDIT INSTITUTION)
According to Regulation COBAC R-2016/04 relative to internal control in credit institutions and financial holding companies, the executive body must be responsible for; The design
THE AUDIT COMMITTEE (SYSTEM OF INTERNAL CONTROL OF A CREDIT INSTITUTION)
According to Regulation COBAC R-2016/04 relative to internal control in credit institutions and financial holding companies, it is compulsory for all institutions subject to the
CIRCUMSTANCES OF PRIOR NOTIFICATION TO THE BANKING COMMISSION
Any change in the structure of the board of directors of a credit institution is subject to the prior notification of the banking commission. The