Regulatory Alerts2014-03-19
Instruction No. 02/2014 on Registration in SINOC of Current Invisible Operations
The Banco Nacional de Angola issued Instruction No. 02/2014 to establish transitional registration procedures for current invisible foreign exchange operations within the Integrated Foreign Exchange Operations System (SINOC). The directive mandates banking financial institutions to register specific operations—including foreign airline orders, travel expenses capped at Kz 25 million, and family support transfers capped at Kz 12 million—by treating each transfer request as a contract and utilizing payment instructions or travel documents in lieu of formal contracts. It further specifies documentation requirements for reinsurance, contract amendments, and internal control mechanisms to ensure accurate limit monitoring throughout the calendar year.