Announcement of the Latest Version of the Grande Comore Financial Services Act 2015

The International Regulatory Authority of Grande Comore (IRAGC) is pleased to announce the release of the updated Grande Comore Financial Services Act 2015, effective as of November , 2024. This revised version reflects significant enhancements to strengthen the jurisdiction's position as a leading offshore financial center, incorporating provisions for emerging financial technologies. The update also reinforces compliance with international standards, including updated anti-money laundering and counter-terrorist financing frameworks aligned with the latest Financial Action Task Force (FATF) recommendations. Key amendments include streamlined licensing procedures for fintech innovators, enhanced supervisory powers for the IRAGC, and mandatory adoption of data protection measures equivalent to global benchmarks. Stakeholders are encouraged to review the revised Act, available on the IRAGC website at iragc.com, and comply with the new requirements by the implementation deadline of December 31, 2024.