Regulatory Alerts2014-01-01
Notice No. 3/2014 of October 17 – Regarding the Application to Conflicts of Interest (Articles 9 and Following)
The Bank of Cape Verde issued Notice No. 3/2019 to amend and develop behavioral supervision regulations, specifically updating Articles 8 and 10 of Notice No. 3/2014 regarding Codes of Conduct and Conflict of Interest Policies for financial institutions. The amended framework mandates that institutions establish written, Board-approved policies detailing conflict identification, mandatory validation by the Supervisory Board, information security measures, and clear procedures for client complaint handling and ombudsman functions. Furthermore, the Notice enforces continuous compliance monitoring, requires public disclosure of Codes on institutional websites within 30 days of submission to the Bank, and sets size-based exemptions for smaller institutions while reinforcing directors' duties regarding loyalty, transparency, and decision-making disqualification.