Circular Letter No. 04/2022 – Foreign Exchange Control: Limits Applicable to Payment Service Providers

CIRCULAR LETTER NO. 04/2022
SUBJECT: FOREIGN EXCHANGE CONTROL

• Limits Applicable to Payment Service Providers

Considering the evolution of the foreign exchange market, the Central Bank of Angola considers that the conditions are met to increase the limits applicable to outbound remittances from the country carried out through Payment Service Providers. To this end, the new limits were published in Instruction No. 06/2022, dated June 24.

Following the publication of said Instruction, the Central Bank of Angola deems it appropriate to clarify the rules applicable to Commercial Banks in executing outbound remittances, taking into account that these banks may also provide this service to the general public, regardless of whether the remittance originators are their clients or not.

The limits applicable to outbound remittances by Commercial Banks depend on whether the originator is their client or not, namely:
a) When the originator is not their client and the transaction is considered an occasional transaction, the limits established for Payment Service Providers apply, as set forth in Instruction No. 06/2022, dated June 24. b) When the originator is their client, Commercial Banks must follow the provisions of the current Notice on Current Invisible Operations for Individual Clients, in particular:
i. Maintaining adequate and updated knowledge of their client, and of their financial capacity;
ii. Respecting the global annual limit established for the total foreign exchange operations that may be carried out by each client.

CONTINUATION OF CIRCULAR LETTER NO. 04/2022 page 2 of 2 When a Commercial Bank provides the service through an independent international Payment Service Provider, the following must be respected, in addition to the above:
a) The limits imposed by that entity, when they are lower than those established by the Commercial Bank for its clients; b) The procedures of that entity regarding client identification and due diligence.

Any questions arising from the above will be clarified by the Central Bank of Angola.
This Circular Letter enters into force on the date of its publication.
Luanda, June 24, 2022.

FOREIGN EXCHANGE CONTROL DEPARTMENT

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Marcos de Nazaré Arsénio do Rosário Neto
-Director-