Notice No. 2 of 2025, dated May 21 – Foreign Currency Operations by Hotels, Travel Agencies, and Free Shops

PUBLISHED IN THE OFFICIAL GAZETTE, FIRST SERIES, NO. 092, OF MAY 21, 2025 NOTICE NO. 02/2025 SUBJECT: FINANCIAL SYSTEM − Foreign Currency Purchase and Sale Operations Carried Out by Hotels, Travel Agencies, Tourism Firms, and Free Shops

Whereas it is necessary to update and simplify the requirements for obtaining a license to partially exercise foreign exchange trading activities, conducted on a professional basis by operators whose main non-financial commercial activity may involve purchasing foreign banknotes and currency, by hotels, travel agencies, tourism firms, and free shops, as well as the operational rules for this purpose. In accordance with the combined provisions of Article 36 of Law No. 14/21, dated May 19, the General Regime of Financial Institutions Law; Articles 6 and 11 of Law No. 40/20, dated December 16, the Payments System Law of Angola; Article 11 of Law No. 05/97, dated June 27, the Foreign Exchange Law; and letters a) and f) of paragraph 1 of Article 31, and paragraph 1 of Article 98, both of Law No. 24/21, dated October 18, the Bank of Angola Law.

I HEREBY DETERMINE: Article 1. (Subject and Scope)

1. This Notice establishes the requirements for obtaining a license to partially exercise foreign exchange trading activities by hotels, travel agencies, tourism firms, and free shops.
2. This Notice regulates the purchase of foreign banknotes, currency, and other payment instruments by the entities specified in the preceding paragraph.
3. The aforementioned operations may only be conducted exclusively for their clients.
4. The sale of foreign banknotes, currency, and other payment instruments by the entities referred to in paragraph 1 is expressly prohibited.
5. For the purposes of this Notice, "hotels" refers to establishments defined in Article 9 of Decree-Law No. 06/97, dated August 15.

Article 2. (Authorization) The exercise of the activity provided for in this Notice depends on prior authorization from the Bank of Angola.

Article 3. (Application Procedure)

1. The request for authorization to exercise foreign exchange activities must be submitted via a petition addressed to the Governor of the Bank of Angola, as per Annex I of this Notice, accompanied by the following documents: a) Certificate issued by the competent entity, proving that the applicant is legally established and authorized to exercise its activity; b) Declaration of honor.
2. The Bank of Angola may request additional information it deems appropriate for processing the authorization application.

Article 4. (Purchase Procedure) In operations purchasing banknotes, foreign currency, or other payment instruments from their clients, hotels, travel agencies, tourism firms, and free shops must issue respective receipts containing at minimum the following: a) Client's name; b) Client's identification document number; c) Amount; d) Currency identification; e) Applied exchange rate; f) Date of the operation; g) Client's signature.

Article 5. (Anti-Money Laundering and Counter-Terrorist Financing)

1. The provisions of Notice No. 02/24, dated February 2, regarding Anti-Money Laundering, Counter-Terrorist Financing, and Non-Proliferation of Weapons of Mass Destruction Rules apply to hotels, travel agencies, tourism firms, and free shops.
2. The extension of identification duties, due diligence, internal control, and training must be proportional to the nature, size, complexity, and activities developed by hotels, travel agencies, tourism firms, and free shops.

Article 6. (Exchange Rate) Hotels, travel agencies, tourism firms, and free shops must apply freely negotiated rates in their foreign banknote and currency purchase operations.

Article 7. (Public Information) Hotels, travel agencies, tourism firms, and free shops must display in a highly visible and easily accessible location for the public the exchange rate table applied to client operations, including any associated fees.

Article 8. (Information Duties)

1. Hotels, travel agencies, tourism firms, and free shops must: a) Submit monthly to the Bank of Angola statistical data and information on operations conducted, as per Annex II of this Notice; b) Provide any other information requested by the Bank of Angola under its determined terms.
2. The aforementioned data must be submitted by the tenth business day of the month following the period to which the information relates.

Article 9. (License Expiry)

1. The license granted under Article 3 expires in the following cases: a) If the applicant expressly renounces it; b) If, during a three-month period, the applicant fails to provide the Bank of Angola with the information stipulated in Article 8; c) If the applicant is dissolved.
2. Whenever the applicant wishes to resume activity, it must submit a new license application to the Bank of Angola.

Article 10. (Archiving) Hotels, travel agencies, tourism firms, and free shops must maintain digitized copies of documents and records related to their operations for a period of 10 (ten) years.

Article 11. (Penalties) Non-compliance with the provisions of this Notice constitutes a regulatory offense punishable under Law No. 14/21, dated May 19, the General Regime of Financial Institutions Law, and Law No. 05/20, dated January 27, the Anti-Money Laundering, Counter-Terrorist Financing, and Non-Proliferation of Weapons of Mass Destruction Law.

Article 12. (Repeal) Notice No. 07/10, dated December 15, regarding Foreign Currency Purchase and Sale Operations, is hereby repealed.

Article 13. (Interpretation and Omissions) Doubts and omissions arising from the interpretation and application of this Instruction shall be resolved by the Bank of Angola.

Article 14. (Entry into Force) This Notice enters into force on the date of its publication.

PUBLISH. Luanda, May 7, 2025. THE GOVERNOR MANUEL ANTÓNIO TIAGO DIAS

ANNEX I Application for Authorization to Exercise Foreign Exchange Activities To assess compliance with the legal requirements established in letter c) of Article 40 of Law No. 24/21, dated October 18, the Bank of Angola Law, and in accordance with Article 4 of this Notice, applicant(s) wishing to establish a Non-Bank Financial Institution must submit the following information and documentation: a) General information (Section I); b) Application for authorization to exercise foreign exchange activities (Section II); c) Identification of the technical manager responsible for leading the authorization process (Section III).

Section I – General Information

1. The applicant shall only complete fields applicable to the type of Institution authorized: 1.1 Financial Institution Wishing to Exercise Activity in Angola A. Type of Institution i. Hotels ii. Travel agencies and tourism firms iii. Free shops B. Address in Angola

Section II – Application Form Honorable Governor of the Bank of Angola In accordance with letter c) of Article 40 of Law No. 24/21, dated October 18 - Bank of Angola Law, the undersigned(s), as legal representative(s) of the Institution [fill in corporate name], with headquarters at [fill in address], hereby request from the Bank of Angola approval of the project for [authorization to exercise foreign exchange activities]. The undersigned(s) declare, under oath of honor, that the provided information is true and that no facts relevant to the evaluation of their project have been omitted. They further declare awareness that failure to comply with information, communication, or clarification duties towards the Bank of Angola may lead to refusal of the authorization request for exercising foreign exchange activities, and that false declarations constitute a legally punishable offense under Law No. 14/21, dated May 19, the General Regime of Financial Institutions Law, without prejudice to applicable criminal penalties. They further commit to immediately notifying the Bank of Angola of any facts likely to modify the aforementioned information. Accordingly, they request and await approval, Place and date:

Signature(s) of applicant(s): (Signature as per identification document) x6 (Note: the application must be signed by the applicant(s) or their legal representative(s)). 2. The authorization request for establishing a Non-Bank Financial Institution is accompanied by the following documents: a) Certificate issued by the competent entity, proving legal establishment and authorization to exercise its activity; b) Declaration of honor.

ANNEX II Foreign Exchange Purchases - Daily Volumes and Applied Rates Company | Tax Identification Number | Day | USD / Euro / Other Currencies | Amount Exchange Rate Value Exchange Rate Equivalent in USD Average Exchange Rate 1 to 30 | Totals