{
  "title": "West African Economic and Monetary Union: Financial Sector Assessment Program—Detailed Assessment Report on the Basel Core Principles for Effective Banking Supervision",
  "publication": "IMF Staff Country Reports, December 14, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/12/12/west-african-economic-and-monetary-union-financial-sector-assessment-program-detailed-526867",
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  "summary": "The BCEAO has conducted a comprehensive reform during the past five years. The regulatory and prudential framework were aligned with international standards and the conditions for supervision have been strengthened, although the efforts must be continued (liquidity ratio/net stable funding ratio and",
  "sections": [
    {
      "heading": "Executive summary and main findings",
      "content": "- The BCEAO has conducted a comprehensive reform during the past five years.\n- The regulatory and prudential framework were aligned with international standards.\n- Conditions for supervision have been strengthened, although efforts must be continued in specific areas:\n  - liquidity ratio/net stable funding ratio and tools for monitoring liquidity\n  - transfers of ownership\n  - acquisitions of holdings\n  - guidelines on nonperforming claims\n  - anti-money laundering and combating the financing of terrorism—AML-CFT\n- The transition to Basel III has made it possible to incorporate additional capital requirements.\n- Rules applicable to credit institutions were upgraded with the 2017 publication of four circulars on:\n  - governance\n  - risk management\n  - internal supervision\n  - compliance"
    },
    {
      "heading": "Analytical themes and supervisory implications",
      "content": "- Alignment with international standards:\n  - Regulatory and prudential frameworks have been brought into alignment with international standards through recent reforms.\n- Liquidity and funding monitoring:\n  - Ongoing work is needed to implement liquidity ratio/net stable funding ratio measures and operational tools for monitoring liquidity across institutions.\n- Ownership and market structure:\n  - Strengthening oversight of transfers of ownership and acquisitions of holdings to ensure stability and sound governance.\n- Credit quality and NPL management:\n  - Need for formalized guidelines on nonperforming claims to improve credit risk identification, provisioning, and resolution.\n- AML-CFT:\n  - Continued enhancement of anti-money laundering and combating the financing of terrorism frameworks is required to meet international expectations.\n- Capital adequacy and Basel III transition:\n  - Transition to Basel III enabled incorporation of additional capital requirements, reinforcing bank resilience.\n- Corporate governance and internal controls:\n  - The 2017 circulars reflect upgraded expectations for governance, risk management, internal supervision, and compliance within credit institutions.\n\n---\n\n Content in this bundle\n\n- 1wauea2022008\n  - 1wauea2022008 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1wauea2022008 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 14, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400226571.002",
    "The BCEAO has conducted a comprehensive reform during the past five years.",
    "The regulatory and prudential framework were aligned with international standards.",
    "Conditions for supervision have been strengthened, although efforts must be continued in specific areas:",
    "The transition to Basel III has made it possible to incorporate additional capital requirements.",
    "Rules applicable to credit institutions were upgraded with the 2017 publication of four circulars on:",
    "Alignment with international standards:",
    "Liquidity and funding monitoring:",
    "Ownership and market structure:",
    "AML-CFT:",
    "Capital adequacy and Basel III transition:",
    "Corporate governance and internal controls:",
    "**1wauea2022008**"
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