Regulatory Alerts2018-09-13
Instruction No. 12/2018 of September 14
The National Bank of Angola issued Instruction No. 12/2018 to establish rules for temporary ceilings on international payment cards, enabling commercial banks to cover hospital and school expenses (tuition and accommodation) for cardholders and their direct family members. Banks must verify the legitimacy of requests, confirm customers' domiciled income and financial solvency through KYC/CDD procedures, and cancel cards or report to the Central Bank if funds are misused. Non-compliance with these provisions is subject to penalties under existing financial and exchange laws, with the National Bank of Angola retaining authority to resolve interpretive doubts.
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