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Mozambique: Parliament approves legal regime for bank accounts
4:14 CAT | 12 Oct 2022
Image: Domingo
The deputies of the Assembly of the Republic have, by consensus and in general, approved the draft law establishing the legal framework for bank accounts.
Frelimo deputy Ricardina Mazive proposed the approval of the instrument on the basis that it will make the banking system more modern, robust and secure.
Renamo deputy Carlos Manuel in turn considered that the law would help combat money laundering and the financing of terrorism.
Despite misgivings concerning the protection of customers’ bank data, Mozambican Democratic Movement (MDM) deputy José Domingos agreed that the law was relevant.
With the new law, “individuals aged 15 or over and under 18 years of age may individually open, operate and close bank accounts, with the authorization of their legal representative” and “every customer must have a bank identification number (NUIT), which must be used on all bank accounts, even if they belong to different institutions”
Source: Domingo / O País
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