Regulatory Alerts2016-02-19
Regulation (NAP) - Free Banking Services
The Central Bank of São Tomé and Príncipe issued this Permanent Application Standard to mandate that all banking institutions provide a specified list of essential banking services free of charge, including account opening, monthly statements, intrabank transfers, ATM/POS operations, and account closure. The regulation defines key financial terms, explicitly prohibits institutions from levying commissions or fees for these enumerated services, and requires them to be clearly marked as free in the official price list. Non-compliance subjects institutions and their responsible officers to sanctions under the Financial Institutions Law and supervisory penalty standards, with any interpretative doubts to be resolved in writing by the Central Bank.