Regulatory Alerts2019-12-01
Added · Updated
Foreign Exchange Policy – Rules and Procedures for Foreign Exchange Operations by Individuals
The National Bank of Angola issued Notice No. 12/2019 to update and clarify foreign exchange rules for individuals, establishing comprehensive procedures for current invisible transactions, goods imports, and capital operations by both resident and non-resident individuals. The regulation mandates financial institutions to verify client eligibility, maintain anti-money laundering compliance, and register all transactions in the Integrated Foreign Exchange Operations System (SINOC), while imposing a cumulative annual limit of USD 120,000 for private operations. It further specifies licensing exemptions, documentation requirements, and payment instruments, with penalties for non-compliance and an effective date of January 3, 2020.