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Cabo Verde’s Compliance Regulations for Banks Take Center Stage

Cabo Verde’s banking system has made significant strides in recent years, with the Central Bank of Cabo Verde (BCV) playing a crucial role in ensuring regulatory compliance. The BCV is responsible for supervising and regulating the sector, and its efforts have paid off, with the onshore banking system being deemed efficient, well-managed, and sound.

Banking Sector Overview

The country’s eight banks - Banco Comercial do Atlântico, Caixa Económica de Cabo Verde, Banco Interatlântico, Banco Cabo-Verdiano de Negócios, Banco BAI Cabo Verde, Ecobank-Cabo Verde, International Investment Bank, and Banco de Fomento Internacional - have established a robust presence across the inhabited islands. With ATMs and point-of-sale machines widely available, debit cards, credit cards, and prepaid Visa cards can be obtained from all banks.

Opening a Bank Account

Establishing a bank account is a relatively straightforward process, requiring only proper identification and a taxpayer number from the Casa do Cidadão. The process is nationality-agnostic and can be completed within a day. Foreign investors are entitled to access credit facilities under the same conditions as local investors.

Embracing Technological Innovation

The banking sector has also been embracing technological innovation, with internet-based tools and services gaining popularity. However, despite this progress, some foreign and local investors have expressed concerns about the limited availability of commercial products for accessing credit.

Foreign Exchange Controls Act

Cabo Verde’s Foreign Exchange Controls Act ensures that foreign investors are treated on par with their local counterparts. The act grants foreign investors the right to transfer abroad amounts resulting from foreign investment operations in a freely convertible currency at the prevailing exchange rate.

• Exceptions:
  • Amounts related to unregistered foreign-investment operations
  • Declarations containing false or inadequate information

International Financial Institutions

Cabo Verde’s Central Bank has also established relationships with international financial institutions, including the New York Federal Reserve and EXIM Bank programs. This has enabled the country to strengthen its ties with global financial markets and facilitate trade and investment.

Conclusion

In conclusion, Cabo Verde’s banking system is well-regulated, efficient, and sound, offering a conducive environment for foreign investors. With its compliance regulations in place, the country is poised for continued growth and development in the years ahead.