Regulatory Alerts1998-06-15
Added · Updated
Notice No. 008/GBM/98 of November 3 - Regulation of the Law on the Promotion of Check Usage
The Bank of Mozambique establishes mandatory requirements for opening check accounts, including specific identification data for individuals and legal entities, and defines procedures for check agreements and the supply of check books. The regulation mandates the termination of check agreements for improper use, sets strict deadlines for bank communications regarding returned checks and risk listings, and prohibits supplying checks to entities on the risk list or those with judicial prohibitions. It further imposes fines ranging from 5,000,000 to 60,000,000 Meticais on banks for transgressions and specifies security conditions for the microfilming and invalidation of checks.
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