Regulatory Alerts2016-04-25
Instruction No. 03-2016 of April 25 regarding the Angola Payment System and CCAA Settlement Guarantees
The Bank of Angola issues Instruction No. 03-2016 to establish specific penalties for participants in the Automated Clearing House of Angola (CCAA) who fail to maintain mandatory settlement guarantees or clear cheques due to insufficient funds. The directive mandates financial penalties calculated via a defined formula for guarantee shortfalls and escalating daily fines for unpaid cheques, while authorizing the CCAA operator to debit settlement accounts to cover minimum guarantee requirements. These measures aim to ensure financial system stability and transparency, with the instruction entering into force for settlement dates starting April 11, 2016.
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