Regulatory Alerts2012-03-09
Notice No. 02/2012 of March 9
The Bank of Angola issued Notice No. 02/2012 to establish mandatory execution and fund availability timeframes for cash deposits, standardized checks, intra-bank transfers, inter-bank transfers, and value remittances. Financial institutions must validate same-day intra-bank transfers upon receipt, clear standard inter-bank instructions by 15:00 for same-day or next-business-day settlement, and make funds available to beneficiaries without penalizing interest charges on early mobilization. The regulation defines key payment system terminology, outlines force majeure exemptions, mandates robust internal control processes, and enters into full effect 90 days after publication.
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