Regulatory Alerts2020-08-17
Circular Letter No. 01-DCC-2020, August 18, 2020
The National Bank of Angola mandates that commercial banks may only apply a client's financial capacity and a fixed annual limit of USD 120,000 to current invisible foreign exchange operations for private individuals, prohibiting any additional limits based on transaction purpose or frequency. Commercial banks must assess account holders' proven income, responsibilities, and compatibility with requested amounts while ensuring proper reporting of cash withdrawals to the Financial Intelligence Unit. If banks cannot fulfill a client's foreign currency purchase request within specified values and timeframes, they must formally refuse and notify the client in writing per existing instructions.
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