Regulatory Alerts2023-05-29
Instruction No. 05/2023 of May 29 - Payment System - Electronic Money Accounts
The National Bank of Angola issued Instruction No. 05/2023 to establish comprehensive rules and procedures for the opening and operation of electronic money accounts, aiming to enhance financial inclusion. The directive classifies accounts into four typologies based on customer identification requirements, mandates specific documentation and biometric capture protocols, and sets strict daily, monthly, and balance limits tailored to personal and commercial usage. Payment service providers are required to implement simplified anti-money laundering measures proportional to risk, comply with transitional deadlines ranging from 60 to 180 days, and face sanctions for non-compliance.
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