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Financial Institution Compliance Requirements in Togo: A Complex Web of Regulations

In the small West African country of Togo, financial institutions must navigate a complex web of regulations to ensure compliance with international standards and regional requirements.

Regional Level Regulations

The West African Economic and Monetary Union (WAEMU) Regulation No. 12/2000/CM/UEMOA sets the entry requirements for the accountancy profession in Togo. This regulation requires professionals to hold a Degree in Accounting and Finance (DECOFI) or a Higher Education Degree in Accounting and Financial Management (DESCOGEF), which is recognized by the Regional Commission for the Formation of Accounting and Financial Experts (CREFECF).

Qualifications for Chartered Accountants

To qualify as a Chartered Accountant, candidates must complete:

  • A one-year “Comprehensive Theoretical and Technical Training” program at an accredited institution
  • A three-year internship under the supervision of a professionally qualified accountant
  • Final examination overseen by CREFECF

National Laws and Regulations

Togo has its own national laws that govern the accountancy profession. Law No. 2001-001 establishes the Ordre National des Experts Comptables et des Comptables Agréés du Togo (ONECCA-Togo), which is responsible for registering all accountancy professionals and firms in the country.

According to the law, ONECCA-Togo must:

  • Register all accountancy professionals
  • Improve the quality of accounting and financial information
  • Set ethical requirements for members
  • Promote fair accounting practices
  • Establish an investigation and discipline framework
  • Enforce initial professional development (IPD) and continuing professional development (CPD) requirements

Registration Requirements for Chartered Accountants with ONECCA-Togo

To register as a Chartered Accountant with ONECCA-Togo, candidates must:

  • Have a certified public accounting DECOFI degree, obtained after completing a five-year professional accountancy program culminating in written and oral tests
  • Have three years of practical experience

Additional Regulations for Financial Institutions

Financial institutions in Togo must also comply with the regulations set by the Banque Centrale des États de l’Afrique de l’Ouest (BCEAO) and the WAEMU Banking Commission. Banks are required to appoint two auditors who are subject to prior approval by the Banking Commission.

Conclusion

Overall, financial institutions in Togo face a complex web of regulations that require careful attention to ensure compliance with international standards and regional requirements.