Bank of Mozambique Notice No. 6/GBM/2024: Regulation on the Banking Accounts Regime

SUMMARY
NOTICE
The matter to be published in the «Boletim da República» must be submitted as a duly authenticated copy, one for each subject matter, containing the following endorsement, signed and authenticated:
For publication in the «Boletim da República».
NATIONAL PRESS OF MOZAMBIQUE, S.A.
Bank of Mozambique:
Notice No. 6/GBM/2024:
Regulation on the Banking Accounts Regime.
Wednesday, March 27, 2024 | SERIES I — Number 62 BANK OF MOZAMBIQUE Notice No. 6/GBM/2024 of March 27 Given the need to define rules and procedures for the proper implementation of the Law, the Bank of Mozambique, exercising the powers conferred upon it by Article 44(1) and Article 56(2), both of Law No. 27/2022, dated December 29, determines:
CHAPTER I
General Provisions
Article 1
Object
This Regulation establishes the procedures for opening and managing banking accounts.
Article 2
Scope
This Regulation applies to:
a) credit institutions that collect deposits; and b) natural and legal persons, public and private, who are or wish to be holders of banking accounts at credit institutions that collect deposits, excluding accounts held by the State.
Article 3
Definitions
The terms and expressions used in this Regulation are contained in the Glossary attached, which forms an integral part hereof.
Article 4
Complementary Regime
Without prejudice to matters regulated in this Regulation, the opening of banking accounts for natural and legal persons shall observe the provisions of the Guidelines on Prevention and Combating Money Laundering, Terrorist Financing, and Proliferation Financing.
CHAPTER II
Banking Account Opening Procedures
SECTION I
Opening of banking accounts
Article 5
Biometric identification
1. Credit institutions must identify their customers through biometric mechanisms.
2. The provision in the preceding paragraph does not exclude other forms of customer identification provided by law.
3. The adoption of biometric identification must be communicated to the Bank of Mozambique.
Article 6
Establishment of remote banking relationships
1. A banking account may be opened through digital channels, with the credit institution ensuring the presentation of all elements and compliance with procedures stipulated in legislation on money laundering, terrorist financing, and proliferation financing.
2. Without prejudice to the preceding paragraph, the credit institution may request the customer's presence to verify certain identification elements.
3. The credit institution must establish a remote account opening policy, approved by the governing body.
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SECTION II
Banking accounts for entities in formation
Article 7
Account ownership
1. For the purposes of Article 4(2) of Law No. 27/2022, dated December 29, a banking account held by unregistered associations, including savings and revolving credit groups, must indicate the names of their respective members, even if they do not hold a legally valid identification document at the time of account opening.
2. The account signatories must present all identification elements established in applicable legislation.
3. In the event of the death of one account signatory, substitution may proceed without requiring a balance freeze, blocking, or closure of the banking account and without affecting respective rights, except for the portion corresponding to the deceased signatory.
4. Account signatories must provide the credit institution with a quarterly record of amounts deposited by each group member.
5. The record referred to in the preceding paragraph must be archived by the credit institution for a minimum period of 5 years.
Article 8
Documents for opening and operating banking accounts of entities in formation
1. Persons authorized to open and operate a banking account on behalf of an entity in formation, pursuant to Article 4(2) of Law No. 27/2022, dated December 29, must additionally present documents enabling the determination of:
a) the legal nature of the entity, even if in formation; b) powers to open and operate the banking account; c) proof of residence; d) source of funds; and e) Unique Tax Identification Number (NUIT).
2. Accounts of entities in formation may only be maintained under this status for a period of 12 months, counted from the opening date, which may be extended by an equal period if duly justified, notably due to delays by the competent authority in issuing recognition or official publication, as required by law.
Article 9
Missing documents of members
1. A member of an entity in formation who does not hold an identification document as legally permitted may be vouched for by two witnesses.
2. Without prejudice to the preceding paragraph, a member of an entity in formation must present the identification document and other complementary information as established by the credit institution, within a maximum period of 6 months, under penalty of exclusion from the banking account.
SECTION III
Banking accounts for minors
Article 10
Opening and operating of accounts by minors
1. Minors referred to in Article 14(2) of Law No. 27/2022, dated December 29, who are university students duly proven, may open a banking account and submit the legal representative's authorization within 6 months from the date of signing the account opening contract.
2. Upon expiry of the period in the preceding paragraph, the account must be blocked until the respective authorization is obtained.
3. The account blocking provided in the preceding paragraph shall last for 6 months, after which the banking account must be closed.
4. The opening of a banking account for minors referred to in this article follows the rule established by Article 13.
Article 11
Permitted operations for minors
1. Minors aged between 15 and 18 years may perform only the following operations:
a) cash deposits and withdrawals; b) intra- and interbank transfers up to the limit of the balance fixed for the basic or simplified account; c) transfers to mobile or electronic accounts up to the limit of the balance fixed for the basic or simplified account.
2. Minors covered by this article may not:
a) access credit; b) hold cheques or credit instruments; and c) use any other payment instruments, except debit and prepaid cards.
3. The provision in the preceding paragraph also applies to minors under 15 years acting through their legal representative.
4. The provisions of paragraphs b) and c) in paragraph 1 of this article do not apply to accounts opened by the minor's legal representatives on their behalf.
SECTION IV
Basic or simplified banking account
Article 12
Mandatory availability of basic or simplified banking accounts Without prejudice to Article 22 of Law No. 27/2022, dated December 29, credit institutions that do not offer cash deposit collection services are not obliged to provide basic or simplified banking accounts.
Article 13
Document for opening a basic or simplified banking account
1. A basic or simplified banking account must be opened with an identification document, or in its absence, upon vouching by two witnesses.
2. The document referred to in the preceding paragraph must enable obtaining the following information:
a) full name; b) date of birth; c) sex; and d) type, number, place, date of issue, and validity date of the identification document.
3. In addition to the document provided in paragraph 1, the credit institution must request only information enabling identification of:
a) residential address; b) mobile phone number; and c) Unique Tax Identification Number (NUIT).
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4. Without prejudice to the preceding paragraph, the credit institution must request additional information whenever the risk profile of the holder of a basic or simplified account is medium or high.
5. The information referred to in the preceding paragraph may be requested after the business relationship is established.
6. The credit institution must verify or request from the Bank of Mozambique the Unique Banking Identification Number (NUIB) of the customer, based on the documents referred to in the preceding paragraphs.
7. In cases of vouching by witnesses, credit institutions must, in addition to the respective identification document and other information required under money laundering and terrorist financing legislation, request their telephone contact and declaration of residence.
Article 14
Operating a basic or simplified banking account
1. For a basic or simplified banking account opened through witnesses, the customer must submit the stipulated documents within 6 months, except in cases of proven poverty, where they may be exempt from presenting documents that entail additional costs.
2. The period referred to in the preceding paragraph may be extended by another 6 months if duly justified, after which the account must be closed and the balance returned to the holder.
Article 15
Remuneration of basic or simplified accounts
1. For the purposes of Article 21(2) of Law No. 27/2022, dated December 29, credit institutions are authorized to remunerate the savings component of basic or simplified banking accounts, as agreed with the customer, under conditions no less favorable than those for similar values in general accounts held at the institution.
2. In cases where a basic or simplified banking account has a savings component, the amount fixed in Article 21(3) of Law No. 27/2022 is calculated by summing the total value between the balance of the savings component and the available balance in the basic or simplified account.
3. The balance exceeding the amount fixed under Article 21(3) of Law No. 27/2022 may be retained without requiring conversion or account closure, provided it results from the remuneration referred to in paragraph 1 of this article.
4. The excess balance may only be retained for the period agreed between the credit institution and the customer, which cannot exceed one year.
Article 16
Limits on transactions of basic or simplified accounts
1. Transactions related to financial products and services provided in the basic or simplified account, notably payments, withdrawals, deposits, and cross-border family remittances, must not exceed daily or monthly the maximum balance fixed for the account.
2. Operations exceeding the daily and monthly limits established in Article 21(3) of Law No. 27/2022 must not be executed.
Article 17
Granting of credit
1. Credit institutions may grant credit to holders of basic or simplified banking accounts, within the limits of their respective financial capacity and values fixed for the account, except for holders under 18 years of age.
2. The credit institution must promote the granting of subsidized interest rates, adjusted to the customer's situation and the purpose of the credit.
Article 18
Special duty to inform
1. Credit institutions must disclose the availability of basic or simplified banking accounts through documents or illustrative leaflets, including on their website or other legally permitted communication channels, with the following minimum content:
a) maximum account balance; b) no requirement for initial deposit; c) permitted operations; d) regime of fee waivers, relating to rates and commissions; and e) required documents.
2. Credit institutions must publicly disclose, in their branches, the contracting and maintenance conditions of basic or simplified banking accounts.
Article 19
Free financial services
1. Without prejudice to the Commission and Charges Regime for Financial Products and Services, the following fee regime applies in particular to basic or simplified banking accounts:
a) regarding operations performed through electronic channels:
i. the first three monthly prints of balance at ATM and POS, within the country;
ii. the first three monthly prints of NUIB, NIB, or IBAN at ATM or POS, within the country;
iii. the first three monthly prints of mini-statements and movements at ATM or POS;
iv. the first two transfers up to a limit of 1,000.00 MT (one thousand meticais) per month;
v. the first three monthly withdrawals at ATM or POS, within the country.
b) regarding electronic currency provided by the credit institution:
i. balance, movements, statements, and mini-statements queries on electronic channels, corresponding to at least five transactions;
ii. transfers between accounts of the same institution, up to 500.00 MT (five hundred meticais), once per day, up to a limit of five monthly electronic transactions, regardless of the channel used;
iii. cash withdrawals in national currency resulting from electronic currency up to 500.00 MT (five hundred meticais), once per day, up to a limit of five monthly transactions regardless of the channel used.
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752 | SERIES I — NUMBER 62 c) regarding operations performed at the counter:
i. one cash withdrawal up to a limit of 3,000.00 MT (three thousand meticais) per month.
2. Without prejudice to the preceding paragraph, credit institutions may, if they wish, provide other financial services free of charge.
Article 20
Conversion of basic or simplified banking account into a current (demand deposit) account A basic or simplified banking account may be converted into a general current account:
a) at the customer's initiative; b) in cases where maximum balance limits are reached under Article 21(3) of Law No. 27/2022, dated December 29.
SECTION V
Client duties
Article 21
Information update
For the purposes of Article 42(2) of Law No. 27/2022, dated December 29, forms provided by credit institutions must contain elements, depending on whether the customer is a natural or legal person, as provided in Articles 46, 48, 50, and 51 of the Guidelines on Prevention and Combating Money Laundering, Terrorist Financing, and Proliferation Financing.
Article 22
Duty of conservation
Payment instruments and security elements are personal and non-transferable, and banking account holders must ensure their safekeeping and conservation.
SECTION VI
Cessation of banking relationship
Article 23
Closure of the banking account
1. If the banking account holder is absent or located in an uncertain place, the credit institution may request their appearance at its branches or agents by sending correspondence or any other means capable of demonstrating proof, without prejudicing the duty of confidentiality.
2. If it is not possible to locate the customer through contacts or address provided at account opening or subsequently, for the purpose of taking notice of contract termination, proof of communication must be by registered letter.
CHAPTER III
Standardized Information Rules for Deposits
Article 24
Duty to provide standardized information sheets
1. Before opening a banking account or concluding a deposit contract, the credit institution must provide the customer with a standardized information sheet, according to models defined in Annexes II and III, as well as follow the completion notes in Annex IV of this Regulation, depending on whether it is a demand deposit or other types of deposits.
2. The credit institution must also allow verification of standardized information sheets on its website.
Article 25
Minimum clauses of the banking account opening contract
1. The banking account opening contract must contain, at minimum, the following clauses:
a) identification of parties; b) object of the contract and services provided; c) banking account modalities; d) rules on operation and closure; e) commissions, charges, and interest rates; f) rules on cheque conventions, where applicable; g) rules on payment services and instruments; h) procedures regarding complaints; i) information on the Deposit Guarantee Fund; j) communication mechanisms between contracting parties; k) personal data processing; and l) rules on dispute resolution and contract termination.
2. The provision in the preceding paragraph also applies to basic or simplified banking accounts.
Article 26
Elements of the deposit contract
1. Deposit contracts must specify the informational elements contained in the applicable standardized information sheet, except for elements related to overdrafts and historical evolution of their index, in the case of variable-rate remunerated deposits.
2. The customer's subscription to an overdraft associated with a demand deposit account must be through the application of their signature on a separate and exclusive document for this purpose, establishing applicable conditions and limits.
3. The credit institution must provide the customer with a copy of the contract and a copy of the document provided in paragraph 2 of this article.
4. The credit institution must allow the customer, upon request, access to respective contractual conditions.
Article 27
Statements and complementary information
1. The credit institution must provide customers, in Portuguese, with information regarding debit and credit movements made in their deposit accounts, by providing statements that include, at minimum, the following elements:
a) start and end dates of the information period; b) movement dates; c) value dates of movements; d) description enabling identification of the operations to which movements refer; e) amounts, specifying whether they constitute credit or debit movements; f) currency; g) accounting balances resulting from executed movements; and Electronic edition by Pandora Box, Lda. 27 MARCH 2024 | 753 h) available balance at the end of the period to which the statement refers, in case of demand deposits.
2. Regarding accrual of interest associated with deposit accounts or collection of commissions/fees related to deposit accounts, the credit institution must provide customers, together with the statement or in another document, the following complementary information:
a) in case of remunerated interest accrual:
i. start and end dates of the relevant period;
ii. payment value date;
iii. amount of accrued interest;
iv. Gross Annual Nominal Rate (GANNR) applied, or when different rates apply per tier, indication of the weighted average rate;
v. amount or average balance used for calculation;
vi. withheld taxes;
vii. payment method, if interest is not credited to the account itself.
b) in case of charging interest related to overdrafts associated with demand deposit accounts:
i. start and end dates of the relevant period;
ii. charging date;
iii. amount of charged interest;
iv. applied annual nominal rate;
v. overdraft amounts and utilization dates;
vi. withheld taxes.
c) in case of charging commissions or charges:
i. start and end dates of the relevant period;
ii. identification of charged commission or charge;
iii. charging date;
iv. amount of commissions/charges charged;
v. withheld taxes;
vi. amount or average balance used in determining the commission/charge amount, or indication of other factors used in determining the charged amount.
3. In case an overdraft on a demand deposit account leads to the charging of late interest by the credit institution, it must provide in the statement the complementary information indicated in paragraphs a) to f) of paragraph 1.
4. The information referred to in the preceding paragraphs may be provided in a foreign language, upon written agreement with the customer.
Article 28
Periodicity of information provision
1. In demand deposit accounts, the information referred to in paragraph 1 of the preceding article must be provided:
a) with a minimum monthly periodicity, if at least one movement occurred in the relevant month; and b) with a minimum annual periodicity, if no movements occurred.
2. In time deposit accounts, deposits with prior notice, and non-withdrawable time deposits, the information referred to in paragraph 1 of the preceding article must be provided:
a) with a minimum annual periodicity, whenever the maturity period exceeds 1 year; and b) with a minimum monthly periodicity, whenever the maturity period is equal to or less than 1 year.
3. The information provided in paragraphs 2 and 3 of the preceding article must be provided whenever movements occur.
Article 29
Compliance with information duty
The credit institution must provide information through legally permitted means, on paper, by email, or on any durable medium, according to the customer's expressed wish regarding the desired medium.
CHAPTER IV
Transitional and Final Provisions
Article 30
Adaptation period
Entities covered by this Regulation must adapt to it within a period of 180 days, counted from the date of its entry into force.
Article 31
Sanctions regime
Violation of the provisions of this Regulation constitutes a regulatory offense punishable under Law No. 27/2022, dated December 29, Legal Regime of Banking Accounts.
Article 32
Revocation
Notice No. 1/GBM/2019, dated February 1, approving the Regulation on Information Duties in the Context of Deposit Reception, is hereby revoked.
Article 33
Clarifications
Doubts and clarifications regarding the interpretation and application of this Regulation must be submitted to the Department of Regulation and Licensing of the Bank of Mozambique.
Article 34
Entry into force
This Regulation enters into force on the date of its publication.
Bank of Mozambique, in Maputo, December 29, 2023.
– Governor, Rogério Lucas Zandamela.
Annex I
For the purposes of this Regulation, it is understood that:
a) Commissions: values charged to financial consumers by institutions as remuneration for services provided or products made available, within the scope of...