Regulatory Alerts2020-04-01
Notice No. 07/2020 of April 2
The National Bank of Angola issued Notice No. 07/2020 to update regulations governing the hiring and operation of banking agents, aiming to expand the national banking network and improve financial inclusion in remote areas. The notice establishes eligibility criteria, evaluation standards, and mandatory contract clauses for legal entities acting as banking agents, while explicitly prohibiting activities such as foreign exchange, overdrafts, and unauthorized fee collection. Contracting financial institutions are required to implement real-time transaction monitoring, maintain strict internal controls, ensure public transparency regarding agent services, and retain contract copies for at least ten years.
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