Instruction No. 06-2018 of June 19 on Exchange Policy - Limits on Foreign Exchange Transactions for Family Aid

INSTRUCTION NO. 06/2018 of June 19
SUBJECT: EXCHANGE POLICY

• Limits on Foreign Exchange Transactions for Family Aid

Considering the need to confer greater security and predictability to access to available foreign currency, for as many resident citizens as possible who need it to maintain dependents abroad.

In the exercise of the competence conferred upon me by the combined provisions of paragraph 2 of Article 28 of Law No. 5/97, of July 27 - Exchange Law, and Article 40 of Law No. 16/10, of July 15 - Law of the Bank of Angola.

I DETERMINE:

1. The monthly sales limit of EUR 1,000.00 (one thousand euros) per beneficiary, specifically for family aid.

2. The monthly limit per ordering party shall not exceed EUR 2,500.00 (two thousand five hundred euros).

3. As provided in Article 4 of Notice 13/13, of August 6, expenses related to health and education are not subject to limits when paid directly to the establishments providing these services.

4. The limit of Kz 12,000,000.00 (twelve million Kwanzas) per ordering party is maintained, as provided in point 3 of Article 16 of Notice 13/13, of August 6, for operations intended for transfers related to family support, contributions to professional associations, and other private transfers ordered by the same person, for each calendar year.

CONTINUATION OF INSTRUCTION NO. 06/2018 page 2 of 2

5. Banks must ensure rigor in verifying the documentation requirements set forth in the annex to Notice 13/13, of August 6, and other applicable regulations, in order to ensure compliance with provisions on Know Your Customer (KYC) and Customer Due Diligence (CDD), with special attention to verifying the coherence between the financial capacity/income level of clients and the values of the transfers.

6. Doubts and omissions resulting from the interpretation and application of this Instruction are clarified by the Exchange Control Department of the Bank of Angola.

7. This Instruction enters into force on July 1, 2018.

PUBLISH.

Luanda, June 19, 2018.

THE GOVERNOR
JOSÉ DE LIMA MASSANO