Regulatory Alerts2011-12-19
Notice No. 14/2011 of December 19
The Bank of Angola issued Notice No. 14/2011 to regulate the establishment and operation of financial assignment (factoring) companies, mandating a minimum fully paid share capital of 50 million Kwanzas and detailed authorization procedures. The regulation stipulates strict requirements for shareholder identification, capital realization, solvency ratios, investment limits, and periodic information reporting through the Financial Institutions Supervision System. It further imposes prohibitions on related-party transactions, mandates external audits and credit risk data submission to the Information and Credit Risk Center, and establishes daily penalty fines for late reporting.
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