Regulatory Alerts2020-04-27
Instruction No. 08/2020 of April 28 on Simplified Bank Account Limits
The National Bank of Angola issues Instruction No. 08/2020 to establish precise monetary limits for the opening and transaction volumes of Simplified Bank Accounts. The regulation mandates that these accounts, categorized by personal or commercial purposes and including those with automated payment transfers (TPA), must adhere to defined minimum opening amounts, maximum daily balances, and capped monthly credit transaction values. By restricting account usage to currently unbanked individuals and capping transaction thresholds, the directive mitigates money laundering and terrorist financing risks while subjecting non-compliant banks to statutory penalties.
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