Regulatory Alerts2019-12-26
Directive No. 12/DCF/DRO/2019 on Consumer Protection for Financial Products and Services
The Financial Conduct Department and the Regulation and System Organization Department of the National Bank of Angola issued Directive No. 12/DCF/DRO/2019 to strengthen consumer protection for financial products and services. The directive mandates that banking financial institutions notify clients in writing within two business days when unable to execute account movement instructions, clearly stating the reasons and ensuring compliance with existing anti-money laundering and terrorist financing reporting thresholds. Non-compliance constitutes a punishable offense under the Basic Law on Financial Institutions, with all interpretive disputes resolved by the National Bank of Angola.
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