Regulatory Alerts2019-01-18
Instruction No. 02/2018 of January 19 – Exchange Rate Policy: Procedures for Executing Foreign Exchange Operations
The National Bank of Angola issued Instruction No. 02/2018 to mandate ethical and professional conduct, strict legislative compliance, and efficient foreign currency utilization by Commercial Banks in the domestic foreign exchange market. The directive requires banks to implement robust risk classification, due diligence, and conflict-of-interest procedures while verifying beneficial ownership, tax compliance, economic activity alignment, financial capacity, fund recipient legitimacy, and payment routing for all foreign exchange transactions. Non-compliant institutions face fines or potential revocation of their foreign exchange authorization, with the instruction taking effect on February 1, 2018.
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