Yaoundé - 24 October 2021 -

CEMAC: Banking commission COBAC imposes sanctions on BACM senior executives for serious breaches to money laundering laws

CEMAC: Banking commission COBAC imposes sanctions on BACM senior executives for serious breaches to money laundering laws
  • Comments   -   Wednesday, 06 October 2021 14:30

(Business in Cameroon) - In a note published on October 5, 2021, the Central African Banking Commission (COBAC) announced severe sanctions against senior executives of Banque Atlantique Cameroun (BACM), a subsidiary of Atlantic Financial Group (AFG).

 "On August 27, [2021], for serious breaches to the anti-money-laundering law, the Banking Commission dismissed the following members of the Board of Directors: Léon Koffi Konan (Chairman of the Board of Directors), Paul Mesmin Ntonga, Kone Dossongui, Daniel Toure, Soungalo Traoré, Albert Kouinche [promoter of microfinance institution Express Union], Georges Wilson, Jean Victor Ngue, Ouambo,” the note reads.

It also reprimanded Eric Valery Zoa, general manager of BACM, and Sayouba Ouedraogo, deputy general manager, for "serious breaches of anti-money laundering, terrorism financing, and foreign exchange regulations.  

According to the note, on August 25, the commission had reprimanded Banque Atlantique Cameroun (BACM) and its corporate officers: Léon Koffi Konan (chairman of the board of directors), Eric Valéry Zoa (general manager), and Sayouba Ouedraogo (deputy general manager), for failure to comply with one of its injunctions.

The COBAC provides no details on the injunction overlooked by the sanctioned officers but its decision comes almost two years after a new shareholder "Société civile First Group Investment," represented by a certain Mr. Ouambo, entered the capital of BACM. Banque Atlantique never agreed to talk to Business in Cameroon about this new shareholder but the representative who was supposed to join the board of directors for six years starting in 2018 is now dismissed from the board. 

Sylvain Andzongo


On October 20, 2021, Minister of Livestock, Dr. Taiga officially inaugurated the integrated pork production and marketing center built by Westend Farms,...
After a challenging environment in 2020, due to the coronavirus pandemic, the recovery observed in Cameroon's economic landscape since the beginning of...
In January 2022, the export prices of local banana producer Plantations du Haut Penja (PHP) will increase. This price increase is the result of a decision...
 In January 2022, Cameroon will begin to experiment with a new accounting reform called accruals-based accounting and budgeting in the framework of...

Mags frontpage

Business in Cameroon n104: October 2021

Dossier Where does Cameroon stand in international trade?

Henri-Claude Oyima : “BGFIBank Cameroon is truly one of our success stories.”

Investir au Cameroun n114: Octobre 2021

Dossier La place du Cameroun dans le commerce international

Henri-Claude Oyima : «BGFIBank Cameroun est vraiment l’une de nos success-stories.»