Regulatory Alerts2021-04-14
Notice No. 05/2021, dated April 14
The Bank of Angola issued Notice No. 05/2021 to update and clarify the rules governing foreign currency operations by resident and non-resident individuals. The regulation establishes a USD 250,000 annual limit for residents' foreign currency purchases or transfers, exempts specific health, education, and accumulated resource transfers from this cap, and mandates banking financial institutions to verify customer capacity, maintain records in the SINOC system, and ensure compliance with anti-money laundering standards. It further outlines simplified procedures for non-resident workers to transfer employment income, delegates capital operation approvals to banks, and repeals prior conflicting notices, with penalties enforced under existing exchange rate legislation.