Regulatory Alerts2022-02-03
Circular Letter No. 01/DCF/2022, dated February 3
The National Bank of Angola requires Banking Financial Institutions to suspend client operations and promptly notify judicial authorities when suspecting Ponzi, Pyramid, or Multi-Level Marketing schemes. Responding to consumer complaints about high-profit investment solutions held in domestic bank accounts, the directive mandates immediate written notification of suspicion factors to clients and ensures legal compliance within existing regulatory limits. This measure safeguards legitimate client expectations by establishing clear procedural obligations for financial institutions handling potentially fraudulent investment structures.
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