Regulatory Alerts2015-04-13
Regulation (NAP) – Source of Funds Justification
The Central Bank of São Tomé and Príncipe mandates licensed financial institutions to verify and document the source of funds for client transactions equal to or exceeding STD 245,000,000.00 (two hundred and forty-five million dobras) or equivalent, as well as for any amount where doubts or suspicions regarding fund lawfulness arise. This Permanent Application Regulation establishes a standardized declaration model and subjects non-compliance to supervisory sanctions under existing penalty frameworks. The regulation, issued on 13 April 2015 and effective from 4 May 2015, operationalizes Chapter III of Law 08/2013 by embedding source-of-funds justification as a core anti-money laundering and counter-terrorist financing obligation.
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