Regulatory Alerts2022-06-24
Circular Letter No. 04/2022 – Foreign Exchange Control: Limits Applicable to Payment Service Providers
The Central Bank of Angola has increased foreign exchange limits for outbound remittances processed by Payment Service Providers and clarified the corresponding compliance rules for Commercial Banks. The updated framework distinguishes between occasional non-client transactions, which adopt the new Payment Service Provider limits set in Instruction No. 06/2022, and client transactions, which must adhere to existing annual global caps and enhanced due diligence requirements. When Commercial Banks utilize independent international Payment Service Providers, they must additionally comply with the provider’s stricter limits and client identification procedures.
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