Regulatory Alerts2015-12-31
Notice No. 06/GBM/2015, of December 31 – Measures for the Protection of Funds Received from Customers in Exchange for Electronic Money
The Bank of Mozambique issued Notice No. 6/GBM/2015 to establish mandatory protection measures for funds received from customers in exchange for electronic money. The regulation requires electronic money institutions to segregate these funds into fiduciary accounts at licensed credit banks, maintain daily accounting reconciliations, and strictly limit fund concentration to 25% per institution unless authorized otherwise. Furthermore, it mandates clear reimbursement procedures at nominal value without excessive charges, restricts the use of customer funds for operational financing or guarantees, and subjects non-compliance to sanctions under the National Payment System Law.
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