Regulatory Alerts2023-02-04
Added · Updated
Notice No. 01/2023 of 30 January on the Financial System - Opening, Operation, and Closure of Bank Accounts
The National Bank of Angola issued Notice No. 01/2023 to update and standardize the regulatory framework governing the opening, maintenance, operation, and closure of bank accounts by natural and legal persons. The notice mandates strict client identification and due diligence procedures, defines account types and operational rules, and imposes specific requirements for dormant accounts, foreign currency transactions, and account closures due to death, insolvency, or non-compliance. Financial institutions are required to align their practices with these provisions within ninety days, under penalty of sanctions under existing financial, foreign exchange, and anti-money laundering legislation.
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