Regulatory Alerts2018-06-19
Instruction No. 06-2018 of June 19 on Exchange Policy - Limits on Foreign Exchange Transactions for Family Aid
The Governor of the Bank of Angola issued Instruction No. 06-2018 to establish strict limits on foreign exchange transactions for family aid to ensure security and predictability for residents supporting dependents abroad. The regulation sets a monthly sales limit of EUR 1,000 per beneficiary and EUR 2,500 per ordering party, while maintaining an annual Kz 12,000,000 limit for private transfers and exempting direct health and education payments from these caps. Banks are mandated to rigorously verify documentation and ensure customer due diligence by checking the coherence between clients' financial capacity and transfer values, with the instruction entering into force on July 1, 2018.
Share