Regulatory Alerts2013-04-22
Notice No. 06/2013 of April 22
The Bank of Angola issued Notice No. 06/2013 to regulate value remittance services provided by financial institutions, establishing clear procedures, eligibility criteria, and mandatory information disclosure. The regulation defines key terms such as sender, beneficiary, and remittance system, while imposing monthly and annual limits of Kz 500,000.00 and Kz 2,000,000.00 respectively for international transfers. It further mandates strict transaction identification, anti-money laundering compliance, standardized record-keeping for ten years, and a tiered sanction regime for non-compliance.
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