Regulatory Alerts2023-08-10
Notice No. 3/GBM/2023, of August 10 – Regulation for the Exercise of Non-Banking Agent Activity
The Bank of Mozambique issued Notice No. 3/GBM/2023 to approve a comprehensive regulatory framework governing non-banking agents for payment service companies. The regulation mandates that eligible single or collective entities meet specific investment, licensing, and suitability criteria while operating under the contracting institution's liability and real-time technological requirements. It establishes strict obligations regarding contract non-exclusivity, data confidentiality, anti-money laundering compliance, consumer protection, and quarterly reporting to the central bank, with violations subject to sanctions under existing financial laws.
Share