Regulatory Alerts2017-12-08
Regulation (NAP) - Procedure for the Exchange of the Dobra in Banking Financial Institutions
The Central Bank of São Tomé and Príncipe mandates that authorized banking financial institutions exchange banknotes and coins from the Current Family of the Dobra (Db) for the New Family (nDb) between January 1 and June 30, 2018. The regulation prohibits banks from charging fees for the exchange and requires them to accept all amounts while verifying authenticity, with extended deadlines up to September 30, 2018. For transactions exceeding Db. 245 million, institutions must collect detailed identification and report money laundering suspicions to competent authorities before the notes lose legal tender status on June 30, 2018.
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