Regulatory Alerts2017-06-07
Notice No. 10/GBM/2017, June 7 – Amending Notice No. 1/GBM/2014 of June 4 – Bank Card Regulation
The Bank of Mozambique issued Notice No. 10/GBM/2017 to amend the Bank Card Regulation (Notice No. 1/GBM/2014), updating definitions, information duties, prepaid card loading rules, and contract adaptation timelines to align with evolving payment instruments. The amended regulation mandates issuing entities to adapt contracts within 90 days, report card operations according to central bank circulars, and strengthen internal controls against money laundering and terrorist financing. Furthermore, it establishes strict obligations for information disclosure to holders, 24/7 customer service, prompt regularization of unauthorized or erroneous transactions within 10 days, and clear liability frameworks for card loss, fraud, and abusive practices.