Regulatory Alerts1996-04-17
Notice No. 07/96 of April 17
The Bank of Angola issued Notice No. 07/96 to mandate the timely submission of monthly balance sheets and other periodic control reports by financial institutions. The regulation imposes a daily monetary fine of 0.5% of the minimum capital for new financial institutions for each day of delay per document, with automatic debit from institutional deposit accounts. Furthermore, it establishes personal and individual liability for administrators and directors, subjecting them to sanctions ranging from warnings and reprimands to temporary or permanent suspension from managerial roles.
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