Five West African banks fined $2 million in regulatory crackdown

• WAEMU fines five banks in West Africa over regulatory violations totalling $2 million
• Sanctions reflect growing push to tighten banking rules, and anti-money laundering efforts

DAKAR, SENEGAL – The West African Economic and Monetary Union (WAEMU) has imposed a 1.2 billion CFA franc fine ($2 million) on five banks across the region for breaching regulatory and governance standards.