Regulatory Alerts2024-08-16
Instruction No. 07/2024, of August 15
The Bank of Angola issued Instruction No. 07/2024 to establish comprehensive rules for the opening, operation, and transaction limits of e-money accounts, aiming to enhance financial inclusion for unbanked citizens. The regulation defines five distinct account types based on identification requirements, permits both in-person and remote opening, and mandates simplified or enhanced anti-money laundering and counter-terrorist financing due diligence depending on the account tier. It further outlines procedures for account reclassification, blocking and closure without consent, fund redemption within one business day, and compliance deadlines for payment service providers.
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