Regulatory Alerts2024-03-27
Bank of Mozambique Notice No. 6/GBM/2024: Regulation on the Banking Accounts Regime
The Bank of Mozambique issued Notice No. 6/GBM/2024 to establish comprehensive rules and procedures for opening, managing, and operating banking accounts across credit institutions. The regulation mandates biometric customer identification, outlines specific frameworks for remote, minor, and entity-in-formation accounts, and standardizes fee structures, transaction limits, and information disclosure for basic or simplified accounts. It further enforces strict documentation, periodic reporting, and a 180-day compliance window for all affected financial entities.
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