Regulatory Alerts2011-06-08
Added · Updated
Circular No. 02/EES/2011 on Advance Payments for Goods and Services
The Bank of Mozambique mandates that banks must process advance payment requests for goods and services whenever good faith is established. Good faith is defined by the existence of a valid contract between the supplier and beneficiary, alongside a proforma invoice. Banks are required to autonomously organize and archive these requests to allow for specific control by the central bank. The circular entered into force on July 11, 2011.
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