Regulatory Alerts2018-06-18
Instruction No. 07/2018 of June 19: Exchange Rate Policy - Creation of an Independent Exchange Control Function in Banking Financial Institutions
The Governor of the National Bank of Angola issued Instruction No. 07/2018 mandating banking financial institutions to establish an independent exchange control function that reports directly to an administrator. This function is required to ensure strict compliance with exchange regulations, maintain accurate reporting to the central bank, and integrate with anti-money laundering compliance efforts. Non-compliance with these requirements subjects institutions to sanctions including temporary or permanent suspension of exchange trading authorization and monetary fines.
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