Regulatory Alerts2019-11-06
Notice No. 10/2019 of November 6, 2019
The Bank of Angola issued Notice No. 10/2019 to update foreign exchange rules and procedures, granting greater efficiency and flexibility for individuals conducting cross-border payments. The regulation establishes specific licensing exemptions, annual limits of USD 120,000 for resident individuals, and detailed documentation requirements for current invisibles, goods imports, and capital operations. It mandates that banking financial institutions verify client capacity, ensure proper SINOC registration, and enforce anti-money laundering compliance while streamlining the approval process for private foreign currency transactions.
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