Notice No. 7/GBM/2024 of 1 April – Establishes the Transactional Limits Applicable to E-Money Institutions

SUMMARY
A V I S O
The matter to be published in the «Boletim da República» must be submitted as a duly authenticated copy, one for each subject matter, containing the necessary indications for this purpose, along with the following endorsement, signed and authenticated: For publication in the «Boletim da República». IMPRENSA NACIONAL DE MOÇAMBIQUE, E. P. Ministry of Sea, Inland Waters and Fisheries:
Order:
Approves the Norms of the National Sea Council.
Bank of Mozambique:
Notice No. 7/GBM/2024:
Establishes the transactional limits applicable to e-money institutions.
Monday, 1 April 2024 | SERIES I — Number 64

MINISTRY OF SEA, INLAND WATERS AND FISHERIES
Order
Given the need to establish norms for the operationalization of Decree No. 67/2021, of 9 September, which establishes the composition and functioning of the National Sea Council (NSC), under paragraph vi), letter a) of Article 3, of Presidential Decree No. 17/2015, of 25 March, I determine:
Article 1. The Norms of the National Sea Council, attached hereto, are hereby approved and form an integral part of this Ministerial Order.
Article 2. The NSC Secretariat is responsible for clarifying any doubts arising from the interpretation and application of this approved Order.
Article 3. This Order enters into force on the date of its publication.
Ministry of Sea, Inland Waters and Fisheries, in Maputo on 28 February 2024. – The Minister, Lídia Cardoso.

NORMS APPLICABLE TO THE NATIONAL SEA COUNCIL (NSC)
CHAPTER I
(General Provisions)
Article 1
(Object)
This Instrument aims to establish the norms for operationalizing Decree No. 67/2021, of 9 September, which approves the composition and functioning of the National Sea Council (NSC).
Article 2
(Scope of Application)
These norms apply to NSC Sessions and bind all members in the exercise of their functions, as well as all matters subject to deliberation by the body.
Article 3
(Amendments)
Amendments to these norms shall be approved by the NSC upon proposal by the Secretariat.

CHAPTER II
(NSC)
Article 4
(Functions of the NSC)
The functions of the NSC, in addition to their consultative nature related to adopting instruments and mechanisms ensuring the implementation and monitoring of strategies defined in the Pillars of the Sea Policy and Strategy (POLMAR), are as follows:
a) propose plans, programs, projects, and measures conducive to the development of activities in the National Maritime Space, including the development of the blue economy; b) identify institutional, human resources, financial, and economic limitations affecting the pursuit of POLMAR objectives and propose solutions; Digitally signed document. Verify signature(s) at:
https://assinadoravancado.gov.mz

1 APRIL 2024 777
Article 12
(Quorum)
NSC sessions shall be held with the presence of at least two-thirds of the representatives, after the President confirms by Secretariat announcement, prior to the start of the Session or approval of the agenda, that the summonses and documents regarding the meeting agenda have been distributed within the established timeframes.
Article 13
(Decision-Making Process)

1. Decisions of NSC meetings shall be taken by consensus.
2. In the absence of consensus, dissenting matters shall be recorded in the meeting summary.
   Article 14
   (Deliberations)
   NSC deliberations are binding when their content relates to internal functioning, and in other cases, they take the form of proposals or recommendations subject to consideration by competent bodies or entities.
   Article 15
   (Confidential Information)
3. Members must maintain confidentiality regarding NSC confidential information.
4. Confidential information shall not be disclosed to the public without written consent from the NSC President.
   Article 16
   (Session Summaries)
5. The Secretariat shall convene after each Council Session to prepare the Summary, which within 48 hours will be sent by email to all Members and Session participants for comments within the following 72 hours.
6. Summaries shall follow the format approved by the NSC and be submitted to the President for approval within five days after the Session.
7. Following the President's approval, the Secretariat shall distribute the summaries to Members and other participants by email within a maximum of ten days after the Session concludes.
   Article 17
   (Extraordinary NSC Sessions)
   Extraordinary NSC sessions may be convened by the President upon request from Members whenever there is a need to discuss important matters for the NSC. The date and time of these sessions shall be decided by the President, after consulting Members via the Secretariat.

CHAPTER III
(NSC Secretariat)
Article 18
(Functions)

1. The NSC Secretariat functions, established in Article 4 of this legal instrument, are exercised by the Directorate responsible for maritime policies within the ministry responsible for the sea area, under the coordination of its National Director.
2. In addition to the functions established in Article 4, the Secretary is responsible for:
   a) ensuring compliance and monitoring of NSC deliberations; b) controlling attendance; c) submitting to the President's consideration all documentation directed to the NSC; and d) ensuring timely distribution of summonses and session documents.
   Article 19
   (Composition)
3. The Secretariat members are as follows:
   a) Department Head responsible for the Cooperation area, b) one representative from the Ministry's Legal Office; and c) one representative from the Directorate responsible for Planning within the Ministry.
4. The Secretariat may request support from other institutions comprising the NSC whenever necessary and with the prior consent of the NSC President.
   Article 20
   (NSC Work Plan)
   The Secretariat, after consulting NSC Members, shall prepare the proposal for the Annual Work Plan for the two ordinary Sessions established by Law and submit it to the NSC President for approval.

BANK OF MOZAMBIQUE
Notice No. 7/GBM/2024 of 1 April
Given the need to guide the operations of e-money institutions and strengthen anti-money laundering, counter-terrorist financing, and countering proliferation of weapons of mass destruction (AML/CFT/CPF) measures, taking into account international best practices, the Bank of Mozambique, exercising the powers conferred by letter e) of paragraph 2 of Article 56 of Law No. 14/2023, of 28 August, on the Prevention and Combating of Money Laundering, Terrorist Financing, and Proliferation Financing, determines:
Article 1
Object
This Notice establishes the transactional limits applicable to e-money institutions.
Article 2
Scope of Application
This Notice applies to e-money institutions.
Article 3
Customer Classification
E-money institutions must classify their customers, based on risk assessment, as follows:
a) Level I - clients subject to simplified identification, verification, and due diligence measures, based on their low risk, provided that the conditions set forth in legislation on the prevention and combating of money laundering, terrorist financing, and proliferation financing are met, and their transactions fall within the transactional limits established in Article 4 of this Notice; b) Level II - clients subject to standard or enhanced identification, verification, and due diligence measures, provided they fall within the transactional limits established in Article 4 of this Notice and meet the conditions set forth in legislation on money laundering, terrorist financing, and proliferation financing;
2. The limits set forth in the preceding paragraph do not apply to the following entities:
a) medium and large enterprises, as defined in the Commercial Code. b) bodies and institutions of Public Administration.

778 | SERIES I — NUMBER 64
Article 5
Update of Limits
The limits set forth in this Notice are updated by the Bank of Mozambique, according to market conditions.
Article 6
Sanctioning Regime
Violation of the provisions of this Notice constitutes an administrative offense punishable under Law No. 14/2023, of 28 August, on the Prevention and Combating of Money Laundering, Terrorist Financing, and Proliferation Financing.
Article 7
Clarification of Doubts
Interpretation and application doubts regarding this Notice must be submitted to the Banking Services and Payment Systems Department.
Article 8
Entry into Force
This Notice enters into force thirty days after its publication.
Bank of Mozambique, in Maputo, 29 February 2024.
Governor, Rogério Lucas Zandamela.

Transactional limits in Meticais

Level I	Level II	Level III
Maximum account balance	200,000.00	500,000.00	3,000,000.00
Daily limit for transfers and withdrawals	200,000.00	500,000.00	3,000,000.00
Monthly transfer limit	-	-	-
Annual transfer limit	500,000.00	-	-
Transfer and withdrawal limit per transaction	40,000.00	75,000.00	-

c) Level III - micro and small enterprises, as defined in the Commercial Code, subject to standard or enhanced identification, verification, and due diligence measures, in accordance with the conditions set forth in legislation on money laundering, terrorist financing, and proliferation financing.
Article 4
Transactional Limits

1. E-money institutions must, in the exercise of their activities, adhere to the following transactional limits per client:

c) Level III - micro and small enterprises, as defined in the Commercial Code, subject to standard or enhanced identification, verification, and due diligence measures, in accordance with the conditions set forth in legislation on money laundering, terrorist financing, and proliferation financing.
Article 4
Transactional Limits

1. E-money institutions must, in the exercise of their activities, adhere to the following transactional limits per client:

Price — 20.00 MT
IMPRENSA NACIONAL DE MOÇAMBIQUE, E.P.