Regulatory Alerts2015-04-13
Regulation (NAP) on the Identification and Classification of Financial Institutions' Clients ('Know Your Customer')
The Central Bank of São Tomé and Príncipe issued this Permanent Application Rule to mandate financial institutions implement robust Know Your Customer (KYC) mechanisms for client identification, risk classification, and ongoing monitoring. The regulation requires banks to appoint compliance officers, establish risk-based correspondent banking procedures, and report suspicious transactions to the Financial Intelligence Unit. It further imposes strict record-keeping, a five-year document retention period, and transitional review obligations for existing clients while immediately applying to new ones.
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