Regulatory Alerts2015-07-27
Circular No. 01/EMC/2015, July 27 – Procedures for Retention and Remittance of Currency with Apparent or Suspected Falsity or Counterfeiting
The Bank of Mozambique issued Circular No. 01/EMC/2015 to establish standardized procedures for credit institutions, financial companies, and cash-handling entities regarding the retention and remittance of currency suspected or confirmed as counterfeit. The Circular mandates that retained banknotes and coins be documented using a quadruplicate retention receipt, accounted for in off-balance sheet accounts, and promptly forwarded to the central bank along with identification copies and completed circumstance tables. Furthermore, it requires these entities to conduct daily authenticity re-verification during cash closing and submit any interpretative questions to the Department of Issuance and Treasury.
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