Regulatory Alerts2018-11-19
Added · Updated
Guideline No. 13/2018 of September 19
The National Bank of Angola issued Guideline No. 13/2018 to mandate enhanced due diligence procedures for banking financial institutions managing high-risk import and export transactions. The directive requires institutions to classify clients based on business models, counterparty structures, and transfer pricing alignment, while prohibiting advance payments for high-risk importers and enforcing strict verification of letters of credit, invoices, and supporting shipping documents. Non-compliance triggers sanctions under existing anti-money laundering and exchange rate laws, with unresolved disputes resolved by the central bank.