Regulatory Alerts2019-02-01
Notice No. 1/GBM/2019, February 1 – Regulation on Information Duties for Deposit Reception
The Bank of Mozambique issued Notice No. 1/GBM/2019 to establish mandatory information duties for credit institutions and authorized entities receiving deposits. The regulation requires providers to supply standardized information sheets, detailed statements, and clear contractual terms before contract conclusion and throughout its validity, utilizing distance communication or durable media. It mandates specific periodicity for information delivery, a 60-day advance notice for unilateral contractual changes, and imposes sanctions under existing financial laws for non-compliance.
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