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2018-06-19

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.

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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

  1. 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.

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

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

PUBLISH.

Luanda, June 19, 2018.

THE GOVERNOR JOSÉ DE LIMA MASSANO

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