Supervision

Banco de Cabo Verde, the entity authorized to supervise the financial system, prudential supervision and conducts market.

Macroprudential Supervision

Macroprudential Supervision focuses on the financial system as a whole and its main function is to limit financial instability risks and the resulting losses.

In this context, Banco de Cabo Verde publishes the Financial Stability Report annually to present the main results of the analyzes on the national financial system, in particular the banking sector, with special emphasis on recent developments, its level of resilience to potential external shocks, current and potential risks that constrain financial system stability in general and its developments in the short and medium terms. As a tool to communicate with society in general and with the financial system in particular, the report also lists the main regulatory initiatives and financial stabilization measures implemented by Banco de Cabo Verde in 2016, in order to maintain financial system stability.

Microprudential Supervision

Microprudential Supervision aims to ensure the solvency and financial soundness of each financial institution individually, integrated in the respective consolidation perimeter, as well as each financial market, thereby ensuring the stability and efficient functioning of the financial system.

In fulfilling its mission, Banco de Cabo Verde has the following main duties:

- Actively promote the maintenance of a sound and prudent management of the supervised institutions and an appropriate balance between their risk profile and their levels of capital and liquidity; and

- Ensure microprudential regulation of activities and institutions subject to supervision.

Even though supervision is extremely important for the financial sector, financial institutions must develop mechanisms, instruments and means that ensure competent management by the administrative bodies, internal control management by the supervisory bodies and control functions. It is also important to highlight the role played by the institutions' external auditors.

Institutions must also develop solid devices that ensure sound and prudent risk management and long-term objectives. They must continuously and substantially ensure the fulfillment of all legal prudential requirements, safeguarding their own solvency and financial soundness and the security of the funds entrusted to them.

In carrying out its microprudential supervision duties, Banco de Cabo Verde verifies the fulfillment of the obligations to which the supervised institutions are subject, always intervening to ensure the correction of any mistakes, without exempting the institutions from their responsibilities, in particular with regard to having a sound and efficient governance model and internal control system.

Capital Market

Welcome to the Securities Market Audit Office’s link, a means for ensuring the efficiency, equity, security and transparency of the securities market.

For this reason, you can find here information regarding the scope of AGMVM’s responsibilities, in particular in the areas of supervision, regulation, cooperation and promotion of the market.

Market Conduct Supervision and Public Services

The mission of Banco de Cabo Verde’s Market Conduct Supervision Office is to supervise the conduct of financial institutions in the banking and insurance sectors, as part of the supply and marketing of financial products and services to the public.

Money Laundering and Terrorism Financing Prevention

Money laundering is the process of transforming the proceeds from criminal activities into legally reusable capital, by concealing the origin or the true owner of the funds.

According to the International Financial Action Task Force, money laundering consists of three phases:

• Placement: property and income are placed in financial and non-financial circuits, through, for example, deposits with financial institutions or investments in profitable activities and high value property;

• Circulation: property and income are subject to multiple and repeated transactions (for example, transfers of funds), with the purpose of distancing them from their criminal origin, eliminating any trace of their origin and ownership;

• Integration: the already recycled property and income are reintroduced into legitimate economic circuits, through their use, for example, to purchase goods and services.

In the Cabo Verdean legal system, money laundering is a crime provided for in Article 39 of Law No. 38/VII/2009, dated 27 April, as amended by Law No. 120/VIII/2016, dated 24 March.

Terrorism Financing

In conjunction with the money laundering prevention framework, legislative measures were adopted to facilitate the detection, prevention and suppression of terrorism financing, reducing the possibilities that those who commit acts of terrorism, terrorist organizations and groups and their funders will have access to the international financial system.

These measures include the freezing and loss of property belonging to perpetrators of acts of terrorism and those who support and finance terrorist groups and organizations, the duty to report transactions suspected of having some kind of connection with terrorism, the increase in duties to prevent money laundering (in particular the duty to identify) in the context of fund transfers, and the criminalization of terrorism financing.

In the Cabo Verdean legal system, the classification of terrorism financing as an autonomous crime is contained in Article 7 of Law No. 27/VIII/2013, dated 21 January, republished by Law No. 119/VIII/2016, dated 24 March.

Supervised Institutions

Na forma de legislação as instituições supervisionadas pelo Banco de Cabo Verde são:

Instituições Financeiras

• As instituições de crédito, entre as quais se incluem:

• Os bancos;

• As sociedades de investimento;

• As sociedades de locação financeira;

• As sociedades de factoring;

• As sociedades financeiras para aquisições a crédito;

• As sociedades emitentes ou gestoras de cartões de crédito;

• As sociedades de garantia mútua;

• As sociedades de desenvolvimento regional;

• Outras que como tal sejam qualificadas pela lei;

• As instituições de moeda eletrónica;

• As seguradoras e sociedades gestoras de fundos de pensões;

• Os fundos de pensões e os organismos de investimento coletivo desde que dotadas de personalidade coletiva;

• As sociedades gestoras de fundos de investimento e as sociedades depositárias de valores afetos a fundos de investimento, de acordo com o Decreto-Lei n.º 15/2005, de 14 de fevereiro;

• As sociedades de gestão financeira;

• As sociedades de capital de risco;

• As agências de câmbios;

• Outras que sejam como tal qualificadas pela lei.

Instituições auxiliares do Sistema Financeiro:

• Os mediadores financeiros;

• Os auditores e contabilistas certificados e os auditores externos;

• As centrais privadas de informação de crédito;

• As sociedades de notação de risco;

• Outras que sejam como tal qualificadas pela lei.

Atividade Financeira Ilícita

Nos termos conjugados dos artigos 22º e 27º da Lei de Bases do Sistema Financeiro, a qualidade de instituição financeira adquire-se mediante:

Autorização para o exercício de atividades financeiras concedida pelo Banco de Cabo de Verde;
Registo definitivo junto do Banco de Cabo Verde; e
Registo definitivo na conservatória do registo comercial competente, tratando-se de uma instituição financeira com sede ou estabelecida na República de Cabo Verde.

A atribuição da autorização para operar é condição prévia indispensável para o registo junto do Banco de Cabo Verde.

Igualmente, o registo junto do Banco de Cabo Verde é condição prévia indispensável:

Para o registo na conservatória do registo comercial; e
Para o exercício de atividades financeiras.

Só as instituições financeiras podem exercer, a título profissional, as atividades financeiras previstas na lei, sendo que a atividade de recepção do público de depósitos ou outros fundos reembolsáveis para utilização por conta própria encontra-se reservada aos bancos.

De salientar que o exercício de atividade financeira sem a devida autorização, por conta própria ou alheia, é punível com pena de prisão, de acordo com o artigo 228º da Lei das Atividades e das Instituições (LAIF).

Adverte-se aos clientes que, antes de iniciarem uma relação contratual, devem verificar se a entidade em causa se encontra habilitada para desenvolver o tipo de operação financeira envolvida. Para tal, basta consultarem a lista das entidades autorizadas.

Caso tenha conhecimento de alguma entidade que esteja a praticar operações não autorizadas, pode efetuar a denúncia através do nosso (contacto ou email).

Decisions and Administrative Offenses