Regulatory Alerts2016-09-05
Notice No. 10/2016 on the Opening, Operation, and Closure of Bank Deposit Accounts
The Bank of Angola issued Notice No. 10/2016 to establish uniform rules and procedures for the opening, operation, and closure of bank deposit accounts within its jurisdiction. The regulation mandates strict customer identification and due diligence standards, defines various account types and movement modalities, and sets specific timelines for account closure and reporting of dormant funds. It further requires financial institutions to maintain comprehensive records and adhere to anti-money laundering protocols throughout the lifecycle of the deposit relationship.
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