Regulatory Alerts2012-03-29
Notice No. 06/2012 of March 29 Establishing Standards for Value Remittance Services
The Bank of Angola issued Notice No. 06/2012 to regulate value remittance services provided by authorized payment service institutions in Angola. The notice establishes strict limits on international remittances originating from Angola, capping monthly transfers at USD 5,000 and annual transfers at USD 20,000 equivalent in Kwanzas. It further mandates comprehensive identity verification, detailed record-keeping for ten years, and specific information disclosure requirements for both senders and beneficiaries to ensure compliance with anti-money laundering standards.
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