Regulatory Alerts2014-01-01
Banco de Cabo Verde Notice No. 3/2014 on Behavioural Supervision
The Banco de Cabo Verde issued Notice No. 3/2014 to establish behavioural supervision rules for financial institutions, mandating specific conduct standards, complaint handling procedures, and conflict of interest management. The regulation requires institutions to maintain transparent client relations, implement dedicated customer service functions and ombudsmen, archive complaints for five years, and adopt formal conflict of interest policies with designated responsible officers. It further sets a three-month compliance window for authorized institutions and mandates annual reporting of complaint statistics to ensure market stability and informed client decision-making.
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