Regulatory Alerts2016-09-05
Notice No. 11-2016 on the Opening and Closure of Branches and Dependent Offices
The Bank of Angola issued Notice No. 11-2016 to establish mandatory procedures and security requirements for financial institutions regarding the opening and closure of branches and dependent offices. The regulation mandates written notification at least 15 days prior to opening and 30 days prior to closure, requiring detailed submission of staff, management, and location data to the supervisory system. It further imposes strict physical security standards, including electronic surveillance, alarm systems, and client notification protocols, with a 90-day compliance deadline following publication.
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