Regulatory Alerts2021-08-11
Circular Letter No. 01/DRO/2021 on the Opening of Bank Accounts Held by Supervised Entities
The Financial System Regulation and Organization Department requires supervised financial entities to obtain prior authorization from their respective supervisory authority when opening bank accounts, provided their corporate purpose covers activities under Law No. 14/21, Law No. 1/00, and the Securities Code. This mandate applies concurrently with compliance to Notice No. 10/2016 of June 18 and covers institutions regulated by the Central Bank of Angola, the Capital Markets Commission, and the Angolan Insurance Regulation and Supervision Agency. The directive standardizes account establishment procedures to ensure alignment with existing financial sector regulatory frameworks.
CIRCULAR LETTER NO. 01/DRO/2021 SUBJECT: FINANCIAL SYSTEM
- Opening of Bank Accounts Held by Supervised Entities
WHEREAS for the financial sector, the exercise of activity presupposes prior authorization by the respective supervisory authority, namely, (i) the Central Bank of Angola, (ii) the Capital Markets Commission, and (iii) the Angolan Insurance Regulation and Supervision Agency;
This Circular Letter serves to guide that the opening of bank accounts for entities whose corporate purpose includes activities stipulated in Law No. 14/21 of May 19 – General Regime for Financial Institutions Law, in Law No. 1/00 of February 3 – General Insurance Activity Law, as well as in the Securities Code, must include authorization of establishment by the respective supervisory authority, without prejudice to compliance with the requirements set forth in Notice No. 10/2016 of June 18.
Luanda, August 12, 2021 FINANCIAL SYSTEM REGULATION AND ORGANIZATION DEPARTMENT
Carla Marisa Rodrigues Madeira Gomes
- Director -