Our commitment to compliance and KYC procedures
In light of Law No. 14/2023 of August 28, 2023, which establishes the Legal Regime and Measures for the Prevention and Fight against Money Laundering and Terrorism Financing in the Republic of Mozambique, Hollard is required to identify and verify the identity of its Clients (individuals and entities), Legal Representatives, Beneficial Owners, and must obtain identification records (and, in some cases, additional records), as well as certain information from its policyholders. This process is referred to as KYC (Know Your Customer), and the information must be continuously updated in accordance with the Law.
After identifying and verifying the identity of a potential individual client or legal entity, as well as obtaining the respective completed KYC Forms and creating a KYC file for the Client in Hollard's central system, the commercial team will notify the Compliance Department. Based on the information collected during the client registration process in the KYC Form, we will verify that the client (including policy beneficiaries, board members, legal representatives, and UBOs - ultimate beneficial owners) is not part of the United Nations sanctions list, as well as confirm the Client's PEP (Politically Exposed Person) status, as these are critical controls to ensure that Hollard knows its Clients and the risks they may pose.
Insurance brokers, as Hollard's distribution partners and obliged entities under the Law, are required to collect KYC from new clients and share it with Hollard.
We count on you to ensure compliance with the law, prevent money laundering, and build safer and better futures.