Regulatory Alerts2020-01-09
Instruction No. 01/2020 of January 10 on Maximum Deadlines for Foreign Currency Sales and Associated Exchange Operations
The National Bank of Angola has issued Instruction No. 01/2020 to establish a maximum five-business-day execution deadline for banking financial institutions processing foreign currency sales and associated exchange operations. The directive mandates that the countdown begins upon receipt of complete supporting documentation or regulatory licensing, requires institutions to validate legal compliance and AML/CFT procedures beforehand, and permits them to refuse operations for justified reasons such as insufficient exchange resources or client financial capacity. Furthermore, institutions must provide written justification and formal notification within three business days for any delayed processing or refusal, with violations subject to pecuniary fines under the Framework Law on Financial Institutions.