Banking and Payments Authority of Timor-Leste - Instruction N. 03-2003 - On the Opening and Maintenance of Deposit Accounts

The need for banks operating in Timor-Leste to maintain complete identification of depositors as a means of avoiding the banking system being used for money laundering and criminal activities, and that banks should be transparent in their charges for services and fees to depositors are essential for a successful banking system. Taking this into account, the Bank and Payments Authority (BPA) of Timor-Leste has issued Instruction N. 03-2003. The instruction covers general restrictions and the requirements on the following topics:

1. Opening and Maintenance of Deposit Accounts
2. Natural Persons
3. Corporate Entities
4. Association and Charities
5. Closing a Customer’s Account

Document Details

Document Type: 
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Doument Author (Entity): 
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Issue Status: 
Year of Document: 
2003
Date of Document: 
Friday, July 18, 2003
Document Authors: 
Banking and Payments Authority of Timor-Leste (BPA)
Language (This Document): 
English

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