Regulatory Alerts2015-12-31
Notice No. 05/GBM/2015, of December 31 - Regulation on the Retention and Remittance of Fake or Counterfeit Currency
The Bank of Mozambique issued Notice No. 5/GBM/2015 and Notice No. 6/GBM/2015 to mandate the retention, authentication, and remittance of fake or counterfeit currency while establishing compulsory protection measures for client funds exchanged for electronic money. Credit institutions, financial companies, and professional cash handlers must verify currency authenticity using defined security features, issue signed retention receipts upon suspecting counterfeit notes or coins, and remit confirmed fake currency to the central bank for custody and subsequent legal proceedings. The notices further prescribe strict physical preservation of retained currency, detail restitution procedures for genuine funds, and enforce compliance through established sanctioning regimes under Mozambican banking legislation.