Financial Crime World

São Tomé and Príncipe: Compliance Checklist for Banks During State of Emergency

As the state of emergency continues in São Tomé and Príncipe, the Central Bank of São Tomé and Príncipe (CBSTP) has issued guidelines for banks to ensure continued operations while prioritizing public health.

Operating Hours and Services

According to a press release dated March 24, CBSTP will operate from Monday to Friday between 7:30 am and 11:00 am, and commercial banks will operate from 7:30 am to 3:00 pm. Essential services have been designated by CBSTP, including:

  • Payment system
  • Reserve and monetary management
  • Cash withdrawal operations by commercial banks
  • Processing payments to suppliers
  • Processing payments to pensioners
  • Credit risk central

These services will be provided on a continuous basis to maintain the real economy’s functioning and normal banking activities.

Adaptation of Operations

Banks are required to adapt their operations to ensure:

  • Social distancing and sanitation of service areas
  • Prioritization of digital channels for financial transactions
  • Conditional access to counters
  • Management of customer flow to avoid gatherings

Employee Protection

Commercial banks must take measures to protect their employees, including:

  • Implementing monetary stimuli and prudential flexibilization measures
  • Providing guarantees to commercial banks
  • Promoting lower interest rates on loans
  • Preventing difficulties in credit payment obligations

Some of the specific measures include:

  • Reducing the marginal lending rate from 11% to 9.5%
  • Lowering minimum cash availabilities
  • Guiding commercial banks on granting moratoriums on loan payments
  • Suspending or reducing commissions related to electronic payments
  • Collaborating with SPAUT to ensure continued ATM supply

Compliance Checklist

To ensure continued operations while prioritizing public health during the state of emergency, banks in São Tomé and Príncipe must follow this checklist:

  • Operating from Monday to Friday between 7:30 am and 11:00 am
  • Prioritizing digital channels for financial transactions
  • Establishing conditional access to counters
  • Managing customer flow to avoid gatherings
  • Providing essential services, including payment system, reserve and monetary management, cash withdrawal operations, processing payments, and credit risk central
  • Protecting employees
  • Implementing monetary stimuli and prudential flexibilization measures

By following this checklist, banks in São Tomé and Príncipe can ensure continued operations while prioritizing public health during the state of emergency.