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Five West African banks fined $2 million in regulatory crackdown

Banking ATM Photo by Eduardo Soares @ Unsplash
Photo by Eduardo Soares @ Unsplash

Alhousseiny Djigo

Alhousseiny Djigo is an experienced financial journalist based in Dakar.
  • 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.

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