Regulatory Alerts2023-10-26
Instruction No. 14/2023 of 23 October - Payment System: Mandatory Minimum Information Requirements for Fraud Prevention and Strong Customer Authentication
Banco Nacional de Angola issued Instruction No. 14/2023 mandating payment service providers and system operators to implement mandatory minimum customer identification and contact data collection, alongside strong customer authentication (SCA) protocols for electronic payments. The directive requires dynamic authentication elements to be applied when remote transaction values exceed Kz 750,000.00 or accumulate over 20 days, while explicitly excluding certain chip, magnetic stripe, and contactless cards that meet specific daily and monthly limits. Payment institutions must align with these requirements within 120 days, subject to sanctions under existing payment and financial institution laws for non-compliance.
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