The States of Central Africa region, namely Cameroon, Congo, Gabon, Equatorial Guinea, Central African Republic and Chad, signed October 16, 1990 the Convention establishing a Banking Commission of Central Africa (COBAC) in charge "to ensure compliance by credit institutions of the laws and regulations enacted by the international monetary fund/ local authorities, by the Central Bank or by itself and which apply to them and to punish the failures."

 
Bilateral Organization Remittance.

Cameroon is a signatory to the IMF/ Worldbank and adheres to the IBSA (International Banking Secrecy Act) and in compliance with the international foreign transfer control act the thorough vetting of every International incoming/outgoing of funds from nations that sends out more than 50% of what they receive and nations that receives more than 50% of what the send out from the IMF/World Bank surveilled (watchlist) member nations is obliged.

And in conjunction with the AML/CFT - Foreign Transfer Regulatory act, It is required that for every bilateral organization remittance the contractor and contracting party (SENDER/BENEFICIARY) are required to complete the attestation & endorsement clearance bond which is 0.5% of the transaction value to be completed as refundable deposit by Both Parties for the International AML/ CFT ( Anti Money Laundering / Counter Terrorism Finance) after which the Central Bank of Cameroon Foreign Transfer regulatory authority will give the endorsement and issue the Attestation of Payment Conformity Clearance (AoPC) for final remittance outgoing for the paying bank to complete the remittance.

Foreign Remittance

Beside the BEAC international foreign transfer control act /COBAC act implies that for every payment originating from Cameroon proceeding to any personal account or individual as the beneficiary or from a corporate body/company account to an individual beneficiary account; the beneficiary has to obtain the: WAIVER CLEARANCE FOR AML/CFT for the international clearance of the payment, etc and these Intl clearances certificates are to be obtained at the CFTRA - Cameroon Foreign Transfer Regulatory Authority– by the beneficiary of the funds / the sender.

Also in conformity with the FTRA International remittance treaty, any payment remittance already endorsed by the COBAC and recalled or cancelled / before the same can be retransferred again the beneficiary/ party has to complete the retransfer clearance fee of 0.05% of the transaction value with the FTRA for the re-conformity endorsement clearance of the payment remittance.

More about COBAC

The states of the Central Africa region saw very early the need to control banking by committing "to harmonize their policies regarding the exercise of the banking profession, control of financial institutions as well as the distribution and credit control "(art. 14 of the Convention of 22 November 1972). He was so attributed to the BEAC wide powers in this area.

The Emission Institute is first up a documents control system that is very quickly limited. The need to support it through periodic surveys in credit institutions brought the BEAC to establish in 1979 a Banking Control Unit. Only a purely technical role assigned to it, the States retaining full control of their banking systems. The initiative involves on-site investigations and remains the prerogative of the authorities, as well as the opening of disciplinary proceedings.

In the second half of the decade 80, banks in the area experiencing serious difficulties due to adverse economic conditions and many deficiencies in their management. In this context, the restructuring of banking systems in the area and a reform of credit institutions monitoring device was needed.

Thus the States of Central Africa, namely Cameroon, Congo, Gabon, Equatorial Guinea, Central African Republic and Chad, signed October 16, 1990 the Convention establishing a Banking Commission Central Africa (COBAC) in charge "to ensure compliance by credit institutions of the laws and regulations enacted by the authorities, by the Central Bank or by itself and which apply to them and to punish the failures."