Regulatory Alerts2024-08-15
Instruction No. 07/2024 on Electronic Money Accounts
The National Bank of Angola issued Instruction No. 07/2024 to standardize the rules, procedures, and usage limits for electronic money accounts, thereby enhancing financial inclusion for unbanked citizens. The directive establishes five distinct account tiers based on identity verification levels, mandates simplified or enhanced due diligence for anti-money laundering compliance, and permits both in-person and remote account opening. Payment service providers must ensure fund reimbursement within one business day, adhere to defined transaction limits, and fully implement these provisions within sixty days of publication.
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