Regulatory Alerts2020-01-17
Notice No. 02/2020 of January 9, 2020: Exchange Policy - Rules and Procedures for Current Invisible Operations by Corporate Entities
The Bank of Angola issued Notice No. 02/2020 to exempt corporate entities from prior authorization for current invisible exchange operations, establishing unified rules and procedures for validation, registration, and settlement. The regulation mandates that banking financial institutions verify the authenticity and legitimacy of supporting documents, register all transactions in the Integrated System for Exchange Operations (SINOC), and ensure settlements occur exclusively via bank transfers to designated official or beneficiary accounts. Furthermore, it specifies contractual requirements, documentation standards for services exceeding USD 25,000, and penalties for non-compliance, thereby streamlining cross-border service payments and receipts while maintaining strict exchange control oversight.