Regulatory Alerts2023-03-09
Foreign Exchange Policy: Rules for Foreign Exchange Operations by Individuals (Notice No. 03/2023)
The Banco Nacional de Angola issued Notice No. 03/2023 to update foreign exchange rules for individuals, shifting licensing exemptions and full operational responsibility to Banking Financial Institutions. The regulation mandates that financial capacity, rather than transaction purpose or payment instrument, determines the value of foreign exchange operations, with unilateral bank transfers capped at USD 250,000 annually per ordering party. It establishes risk-based due diligence procedures, documentation requirements, and reporting obligations to the Integrated Foreign Exchange Operations System (SINOC), while repealing Notice No. 5/2021 and enforcing penalties for non-compliance.
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