Regulatory Alerts2020-10-27
Circular Letter No. 003/GAC/2020
The Banco Nacional de Angola has ceased issuing financial responsibility declarations effective November 3, 2020. Commercial bank clients are instructed to request these declarations directly from their respective banks for salary account transfers, domestic and foreign credit applications, and other financial system requirements. This measure reinforces strict regulatory compliance regarding minimum information disclosure to customers while upholding their right under Instrutivo No. 13/2020 to access CIRC records from any relevant financial institution.
1 CIRCULAR LETTER NO. 003/GAC/2020 SUBJECT: Issuance of Financial Responsibility Declarations
The Banco Nacional de Angola hereby communicates that it will cease to issue financial responsibility declarations effective as of November 3, 2020. In this regard, and to reinforce strict compliance with the regulatory requirements applicable to providing minimum information to banking customers, thereby ensuring full satisfaction of their legitimate expectations, the Banco Nacional de Angola recommends that clients of commercial banks approach their respective commercial banks to request financial responsibility declarations for the following purposes: • Salary account transfer; • Credit granting within the Angolan financial system; • Other credit requirements within the Angolan financial system; and • Credit acquisition abroad.
Finally, it is important to note that, in accordance with point 11 of Instrutivo No. 13/2020 dated July 17, “borrowers, guarantors, and sureties have the right to know what information concerning them is recorded in the CIRC, and must, whenever they wish, request this information from any institution where they are borrowers, guarantors, or sureties.”
Luanda, October 26, 2020.