Regulatory Alerts2002-02-05
Added · Updated
Circular No. 02/SBM/02 of 5 February 2002 - Prevention of Illicit Transactions
The Bank of Mozambique mandates credit institutions to implement strict client identification, risk assessment, and transaction monitoring procedures to prevent illicit financial activities. Institutions are required to verify client identities, assess risk factors, and obtain administrative approval for high-risk clients, while prohibiting cash checks and requiring justification for cash withdrawals of 300 million meticais or more. Additionally, financial entities must maintain detailed transaction records for at least five years to facilitate reconstruction and reporting to competent authorities.