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.
INSTRUCTION NO. 08/2020 of April 28
SUBJECT: FINANCIAL SYSTEM
- Simplified Bank Accounts
- Definition of Limits for Opening and Transactions
Whereas it is necessary to define limits for the opening and transactions of "Simplified Accounts", as provided by Notice No. 12/2020 of April 27, with the objective of ensuring that these accounts are opened and used only by currently unbanked persons, and present a reduced risk of money laundering and terrorist financing;
In these terms, and under the combined provisions of paragraph 3 of Article 13 of Law No. 5/20 of January 27 – Law on the Prevention and Combat of Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction, and Article 51 of Law No. 16/10 of July 15 – National Bank of Angola Act,
IT IS HEREBY DETERMINED:
- Demand Deposits Demand Deposits must comply with the limits indicated in the table below:
| Category | Personal Purpose Accounts | Commercial Purpose Accounts | Commercial Purpose Accounts with TPA (Kz) |
|---|---|---|---|
| Minimum Amount for Account Opening | 5,000.00 | 10,000.00 | 20,000.00 |
| Maximum Daily Account Balance | 300,000.00 | 1,000,000.00 | 2,000,000.00 |
| Maximum Monthly Accumulated Credit Transactions Value | 600,000.00 | 2,000,000.00 | 4,000,000.00 |
CONTINUATION OF INSTRUCTION NO. 08/2020 Page 2 of 3
- Time Deposits 2.1 Time Deposits must comply with the limits indicated in the table below:
| Category | Personal Purpose Accounts | Commercial Purpose Accounts | Commercial Purpose Accounts with TPA (Kz) |
|---|---|---|---|
| Minimum Amount for Establishment | 50,000.00 | 100,000.00 | 200,000.00 |
| Maximum Aggregate Balance of all Time Deposit Accounts per Holder | 1,000,000.00 | 2,000,000.00 | 4,000,000.00 |
2.2 Time Deposits must be remunerated, referencing the LIBOR rate for the deposit maturity in effect on the date of their establishment, subject to a spread deduction of up to 2% (two percent).
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Interpretation and Omissions Interpretation and application questions or omissions arising from this Instruction shall be clarified by the National Bank of Angola.
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Penalties Violation of the provisions set forth in this Instruction subjects banks to penalties, in accordance with Law No. 12/15 of June 17 – Basic Law of Financial Institutions, and Law No. 5/20 of January 27 – Law on the Prevention and Combat of Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction.
CONTINUATION OF INSTRUCTION NO. 08/2020 Page 3 of 3
- Entry into Force This Instruction enters into force one day after the publication of Notice No. 12/2020.
PUBLISHED. Luanda, April 28, 2020.
THE GOVERNOR JOSÉ DE LIMA MASSANO