Regulatory Alerts2023-10-27
Circular No. 01/EFI/2023, of October 27 – Fraud Mitigation Measures Regarding False Investment or Donation Project Financing Proposals
The Central Bank of Mozambique issued Circular No. 01/EFI/2023 to mandate credit institutions and financial companies to implement enhanced due diligence measures against fraudulent investment and donation project financing proposals. The directive requires these entities to verify potential financiers' corporate registration, historical funding activity, SWIFT message authenticity, and account movements while assessing transaction timing, payment instructions, and new beneficiary relationships. Any interpretative or application disputes regarding these fraud mitigation procedures must be resolved by the Bank's Licensing and Foreign Exchange Control Department.
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