Unabridged: Opening and operation of bank accounts abroad by entities resident in Mozambique are subject to prior authorisation from the Banco de Moçambique

Opening and operation of accounts with financial institutions abroad Foreign exchange legislation establishes that the opening and operation of bank accounts abroad by entities resident in Mozambique are subject to prior authorisation from the Banco de Moçambique. Applications for the opening of a bank account must be supported by appropriate documentation enabling the assessment of the legitimacy and purpose of the operation, namely justification for the opening of the bank account abroad and evidence of the source of funds, demonstrating the origin of the funds to be transacted. Once authorisation has been granted, the holder of the bank account opened abroad must: For accounts opened abroad without prior authorisation, the holders are required to apply for regularisation with the Banco de Moçambique, following the procedures applicable to the opening of accounts.

These requirements are intended to ensure transparency in financial operations conducted abroad and to enable appropriate monitoring of capital movements by the foreign exchange authority. Mozambique: Foreign assets reporting requirement – central bank