Regulatory Alerts1999-11-01
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Notice No. 11/GGBM/99 of 30 December - Internal Control Standards for Credit Institutions and Financial Companies
The Bank of Mozambique mandates that credit institutions and financial companies establish an internal control system compliant with the standards set in this notice. The administrative body must directly supervise the system's creation, updating, and effectiveness, ensuring it covers organizational structure, accounting rules, and risk management for credit, market, and liquidity risks. Institutions are required to implement routine procedures such as segregation of functions, chronological reconstruction of operations, and specific information system protections. Additionally, the administrative body must prepare summarized information on the internal control system for verification by Bank of Mozambique inspectors.
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