Notice No. 06/GBM/2015, of December 31 – Measures for the Protection of Funds Received from Customers in Exchange for Electronic Money

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CAPÍTULO II

Procedimentos de Verificação da Autenticidade e Retenção da Moeda

ARTIGO 4 Dever de verificação da autenticidade da moeda

1. Credit institutions, financial companies and other entities covered by this Regulation must carry out careful verification of the authenticity of currency in the course of their activities.
2. The verification of the authenticity of currency must be carried out taking into account the characteristics and security features defined for each denomination of currency.

ARTIGO 5 Mecanismos de verificação da autenticidade

The institutions and entities subject to this Regulation must establish internal mechanisms for verifying the authenticity of currency and ensuring strict compliance with this Regulation.

ARTIGO 6 Dever de retenção e remessa da moeda

Institutions and entities that professionally handle cash must immediately retain, in full, currency whose falsity or counterfeiting is apparent or suspected and remit it to the Bank of Mozambique, which will conduct a conclusive analysis of its genuineness.

ARTIGO 7 Procedimentos de retenção

1. At the time of retention, institutions and entities covered by this Regulation must inform the customer about the retention, its causes, and subsequent procedures.
2. The retention of currency must be carried out by issuing a receipt, signed by the customer and the retaining institution or entity.
3. Retaining institutions and entities are also obliged to obtain a copy of the presenter's identification document and produce information regarding the circumstances of the currency retention.

ARTIGO 8 Preservação das características da moeda

Institutions and entities subject to this Regulation must ensure that, under no circumstances, acts are performed that alter the physical or visual characteristics of the retained currency, which could prejudice its analysis.

ARTIGO 9 Verificação da autenticidade da moeda a pedido do público

1. Without prejudice to compliance with legislation regarding the reporting of offences, any person who suspects the falsity or counterfeiting of currency in their possession may request any bank or the Bank of Mozambique to verify its authenticity.
2. Banks are obliged to attend to the request referred to in paragraph one of this article, even if the applicant is not their customer.

CAPÍTULO III

Diligências Subsequentes à Análise da Moeda

ARTIGO 10 Restituição da moeda genuína

1. Once the authenticity of the currency is confirmed, the Bank of Mozambique will return it to the institution or entity that retained or presented it for examination, for the purpose of restitution to the presenter, in accordance with the retention receipt.
2. The restitution of metical currency to the presenter must be made by account credit, if they are a customer of the institution, or by cash delivery, otherwise. The restitution of foreign currency to the presenter must always be made in cash.

ARTIGO 11 Guarda da moeda falsa ou contrafeita

1. Once the falsity or counterfeiting of the currency is confirmed, the Bank of Mozambique notifies the institution or entity that retained and sent it, which must inform, in writing, the presenter and the competent authority for subsequent legal procedures.
2. In the case of having received currency from the public, the Bank of Mozambique notifies the falsity to them and to the competent authority, for the purposes referred to in the previous paragraph.
3. Currency whose falsity or counterfeiting is confirmed remains in the custody of the Bank of Mozambique, which makes it available to the competent authority for subsequent legal procedures.

CAPÍTULO IV

Disposição Final

ARTIGO 12 Regime sancionatório

Violation of the provisions of this Regulation is subject to the sanctioning regime provided for in the Law on Credit Institutions and Financial Companies, Law No. 15/99 of November 1, with amendments introduced by Law No. 9/2004 of July 21, and other applicable legislation.

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Aviso n.º 6/GBM/2015 de 31 de Dezembro

Having the need to establish measures through which electronic money institutions must ensure the protection of funds received from customers in exchange for electronic money, under the provisions of paragraph 4 of article 17 of Law No. 2/2008, of February 27 — National Payment System Law, the Bank of Mozambique determines:

CAPÍTULO I

Disposições Gerais

ARTIGO 1 Objecto

This Notice establishes the protection measures for funds received from customers in exchange for electronic money issued by electronic money institutions.

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ARTIGO 2 Âmbito de aplicação

This Notice applies to electronic money institutions and credit institutions that hold the fiduciary account.

ARTIGO 3 Definições

For the purposes of this Notice, it is understood that: a) Electronic money beneficiaries: natural or legal persons who accept electronic money as a means of payment for the provision of services and supply of goods; b) Fiduciary account: a bank account opened and held by an electronic money institution, at a credit institution, destined exclusively to receive funds resulting from the issuance of electronic money and any interest arising from the remuneration of these funds, whose movement is subject to the conditions set out in article 7 of this Notice; c) Issuance of electronic money: the act by which an electronic money institution makes electronic money available after receiving equivalent funds; d) Credit institution: a company whose activity consists, inter alia, in receiving from the public deposits or other repayable funds, when the legal regime of its specific type expressly permits it, in order to apply them on its own account by granting credit, as defined in paragraph a) of paragraph 1 of article 2 of Law No. 15/99, of November 1, with amendments introduced by Law No. 9/2004, of July 21 — Law on Credit Institutions and Financial Companies; e) Electronic money institution: a type of credit institution whose main object is the issuance of payment instruments in the form of electronic money, under applicable legislation, as defined in paragraph i) of paragraph 2 of article 2 of Law No. 15/99, of November 1, with amendments introduced by Law No. 9/2004, of July 21 — Law on Credit Institutions and Financial Companies; f) Electronic money: the monetary value, as defined in paragraph i) of paragraph 2 of article 2 of Law No. 15/99, of November 1, with amendments introduced by Law No. 9/2004, of July 21 — Law on Credit Institutions and Financial Companies, represented by a credit claim against the issuer and that: (i) Is stored in an electronic device; and (ii) Is accepted as a means of payment by entities other than the issuer. g) Holder of electronic money: a natural or legal person who holds the electronic money.

CAPÍTULO II

Emissão de Moeda Electrónica e Protecção dos Fundos

ARTIGO 4 Emissão e reembolso

1. Electronic money must be issued at its nominal value after the electronic money institution receives funds of an equivalent amount.
2. The electronic money institution must clearly and objectively inform the holder of all conditions prior to subscribing to the electronic money, including those regarding reimbursement and any commissions or charges related to the services provided.

ARTIGO 5 Protecção dos fundos — Princípio Geral

Electronic money institutions must protect the funds they have received from holders in exchange for electronic money, ensuring that: a) They are, at all times, separated from other funds arising from their activities or from any natural or legal person distinct from the holders; and b) They are deposited in a fiduciary account at a credit institution and used, under the provisions of articles 6 and 9, respectively.

ARTIGO 6 Abertura de conta fiduciária e depósito de fundos

1. Electronic money institutions must open bank accounts at credit institutions in the country for depositing funds received in exchange for electronic money, designated as a fiduciary account, subject to the limits set out in article 8.
2. Electronic money institutions, in the fiduciary account opening contracts they maintain with credit institutions, must mention generally that holders of electronic money are the legitimate beneficiaries of the funds deposited in this account.
3. Electronic money institutions must ensure at all times, at a minimum, that the amount of funds deposited in the fiduciary account, minus the amount due to electronic money beneficiaries and bank commissions and charges associated with the movement of the fiduciary account, is equal to the balance of electronic money held by holders (used money).
4. Electronic money institutions must carry out daily accounting reconciliation between the movements of the fiduciary account and transactions on the issued electronic money.

ARTIGO 7 Movimentação da conta fiduciária

1. The fiduciary account is credited with funds received in exchange for electronic money and any interest, and debited as a result of payments to electronic money beneficiaries, reimbursement to holders of electronic money, and bank commissions and charges associated with the movement of the fiduciary account.
2. The bank commissions and charges referred to in the previous paragraph constitute expenses for electronic money institutions, which must provision the fiduciary account with their respective amount at the end of each month.
3. When making payments to electronic money beneficiaries referred to in paragraph 1, electronic money institutions must prioritize the use of electronic payment instruments, namely electronic transfers.

ARTIGO 8 Limites à concentração de depósito de fundos nas contas fiduciárias

1. Electronic money institutions may deposit the entirety of funds received from customers in exchange for electronic money into a single fiduciary account at one credit institution up to the equivalent of their minimum capital.

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2. When the funds deposited in the fiduciary account exceed the minimum capital referred to in the previous paragraph, electronic money institutions must deposit them in more than one credit institution up to a limit of 25% in each of those institutions.
3. In exceptional circumstances and upon a duly justified request from electronic money institutions, the Bank of Mozambique may authorize them to exceed the limit set in the previous paragraph, under the conditions and timeframe it determines.

ARTIGO 9 Uso dos fundos e reembolso da moeda electrónica

1. Electronic money institutions must use the funds received from customers in exchange for electronic money for reimbursement to their holder, as well as for payment to electronic money beneficiaries.
2. Electronic money institutions are prohibited from using the funds referred to in the previous paragraph for establishing guarantees, financing operating expenses, and other purposes distinct from those indicated in the previous paragraph.
3. Upon request by the holder, the electronic money institution must reimburse, at nominal value, in cash or by bank transfer, the funds received, without any commissions and charges other than those strictly necessary to carry out that operation.

ARTIGO 10 Pagamento de juros e plano de inovação e modernização

1. The credit institution holding the fiduciary account may pay interest on the funds maintained in this account.
2. Without prejudice to other purposes that the Bank of Mozambique may define, the electronic money institution must use the interest referred to in the previous paragraph to reduce commissions for services provided, as well as to introduce innovation and modernization in the services provided for the benefit of customers.
3. The application of interest in the activities indicated in the previous paragraph is subject to compliance with paragraph 3 of article 6 of this Notice, and must follow an annual or multi-year plan, duly approved by the board of directors or equivalent body of the electronic money institution.
4. The plan referred to in the previous paragraph, including its amendments, must contain, inter alia, a description of actions or innovations to be developed, cost projections, and the implementation timeframe, and must be previously submitted for the Bank of Mozambique's review.

CAPÍTULO III

Dever de Informação

ARTIGO 11 Dever de informação

Electronic money institutions and credit institutions that hold fiduciary accounts must provide information to the Bank of Mozambique, under the conditions and periodicity it may establish by Circular.

CAPÍTULO IV

Disposições Transitórias e Finais

ARTIGO 12 Adaptação dos contratos e limites à concentração de fundos

Electronic money institutions and credit institutions covered by this Notice must adapt their fiduciary account opening contracts and limits on the concentration of fund deposits in fiduciary accounts to the regime established in this Notice, within 90 days from the date of its entry into force.

ARTIGO 13 Regime sancionatório

Violation of the provisions of this Notice constitutes an offence punishable under the National Payment System Law.

ARTIGO 14 Esclarecimento de dúvidas

Doubts arising from the interpretation and application of this Notice must be submitted to the Payment Systems Department of the Bank of Mozambique.

ARTIGO 15 Entrada em vigor

This Notice enters into force on the date of its publication. Banco de Moçambique, O Governador do Banco de Moçambique, Ernesto Gouveia Gove.

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Preço — 7,00 MT IMPRENSA NACIONAL DE MOÇAMBIQUE, E.P.