Regulatory Alerts2018-03-21
Notice No. 04-2018 of March 22: Amendment to Article 12 of Notice No. 09/17 Regarding Payment System Infractions
The Bank of Angola issued Notice No. 04-2018 to amend Article 12 of Notice No. 09/17, establishing specific financial penalties for payment service providers who fail to meet regulatory deadlines for fund transfers. The notice mandates daily fines calculated as a percentage of the provider's minimum share capital, divided by 360 days, for various types of execution delays. Additionally, it outlines a strict complaint management procedure requiring the central bank to investigate irregularities within 24 hours and notify providers to settle funds and pay sanctions immediately.
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