Regulatory Alerts2018-01-19
Instruction No. 02-2018 of January 19: Exchange Rate Policy Procedures for Commercial Banks
The Governor of the Bank of Angola issued Instruction No. 02-2018 to mandate ethical conduct, professional competence, and conflict-of-interest management for commercial banks in the foreign exchange market. The directive requires strict adherence to anti-money laundering laws, rigorous due diligence on beneficial owners and politically exposed persons, and verification of the legitimacy of transactions and counterparties. Non-compliance results in financial penalties or the revocation of authorization to conduct exchange operations, with the instruction taking effect on February 1, 2018.
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