Regulatory Alerts2022-06-23
Circular No. 02/EFI/2022, of June 23 - Submission of Authorization Requests for Agencies of Credit Institutions and Financial Companies via the BSA (Bank Supervision Application)
The Bank of Mozambique mandates that all documentary correspondence regarding the opening, closure, and special registration of agencies for credit institutions and financial companies must be submitted electronically through the Bank Supervision Application (BSA). Institutions are required to populate the BSA with historical data on active agencies within thirty days of the circular's effective date and to register their authorized BSA focal points with the central bank. The regulation takes effect on August 1, 2022, while allowing physical or email submissions only in cases of system unavailability or when specifically warranted by the nature of the matter.
___ Bank of Mozambique ___ Administration
FINANCIAL STABILITY DEPARTMENT CIRCULAR NO. 02/EFI/2022
Maputo, June 23, 2022
SUBJECT: SUBMISSION OF AUTHORIZATION REQUESTS FOR AGENCIES OF CREDIT INSTITUTIONS AND FINANCIAL COMPANIES VIA THE BSA (BANK SUPERVISION APPLICATION).
In order to establish a swift and secure mechanism for submitting information to the Bank of Mozambique, with a focus on the authorization process for the opening, closure, and special registration of agencies of credit institutions and financial companies, the Bank of Mozambique determines:
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The sending and receipt of documentary correspondence regarding the agencies of credit institutions and financial companies must occur electronically, via the Bank Supervision Application, hereinafter referred to as BSA.
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For the purposes of the preceding paragraph, the following matters are covered, among others:
a) Authorization requests for opening; b) Inspection requests; c) Closure requests; and d) Special registration requests for agencies.
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The provisions in the preceding paragraphs do not preclude the submission of correspondence on physical media or via email (e-mail) in the event of BSA unavailability or, considering the nature of the subject matter, when deemed necessary.
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Credit institutions and financial companies must input all historical information regarding active agencies into the BSA within thirty days from the effective date of this Circular.
___ Bank of Mozambique ___ Administration
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Credit institutions and financial companies must notify the Bank of Mozambique of the names of authorized BSA users (focal points), including any changes thereto.
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This Circular enters into force on August 1, 2022.
Any questions arising from the interpretation and application of this Circular must be submitted to the Regulation and Licensing Department of the Bank of Mozambique.
BANK OF MOZAMBIQUE Financial Stability Department Jamal Luis Omar Administrator