From next Friday (29), the Bank of Mozambique (BdM) will limit the number of electronic currency transactions in order to strengthen measures to prevent and combat money laundering, terrorist financing and the proliferation of weapons of mass destruction.

According to the Sunday newspaper, which cites a notice from the Central Bank, level I clients - those who are subject to identification, verification and due diligence measures, based on their low risk - will be able to have a maximum account balance of 200,000 meticais, will have a transfer and withdrawal limit of 200,000 meticais, an annual transfer limit of 500,000 meticais and a transfer and withdrawal limit per transaction of 40,000 meticais.

Level II accounts - for which standard or enhanced identification, verification and due diligence measures have been adapted - may have a maximum account balance of 500,000 meticais, the same amount has been set as the daily transfer and withdrawal limit and their transfer and withdrawal limit per transaction has been set at 75,000 meticais.

For level III clients - micro and small companies as defined in the commercial code, for which standard or enhanced identification, verification and due diligence measures are adapted - the maximum account balance is three million meticais, and the daily transfer and withdrawal limit is also three million meticais.

"Violation of the provisions of this notice constitutes misdemeanor punishable under the terms of the Law on Preventing and Combating Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction," the notice states.