Regulatory Alerts2020-08-02
Notice No. 17/2020 of August 3
The National Bank of Angola issued Notice No. 17/2020 to update and clarify foreign exchange rules governing private transactions by resident and non-resident individuals. The regulation establishes operational procedures, licensing requirements, and a cumulative annual limit of USD 120,000 for purchasing foreign currency or transferring own funds to cover current invisibles (travel, health, education, and family support) and capital operations (foreign real estate or financial asset acquisitions, and foreign financing). It mandates authorized financial institutions to verify clients' financial capacity, register transactions in the Integrated Foreign Exchange Operations System (SINOC), and ensures compliance with anti-money laundering standards, with penalties for violations and full effect thirty days after publication.