Regulatory Alerts2023-12-29
Notice No. 10/GBM/2023, Dated December 29 - Regulation for the Electronic Clearing System
The Bank of Mozambique issues Notice No. 10/GBM/2023 to approve and align the Electronic Clearing System with international best practices, simultaneously revoking Notice No. 2/GBM/2021. The regulation establishes direct and indirect participation frameworks, outlines participant responsibilities for data integrity and check truncation, and mandates daily multilateral electronic clearing with defined fund availability timelines. It further defines suspension and exclusion grounds, contingency mechanisms, and sanctions under the National Payments System Law to ensure operational efficiency and financial stability.
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