Regulatory Alerts2018-11-29
Added · Updated
Notice No. 11/2018 of November 29
The Bank of Angola issued Notice No. 11/2018 to establish operational rules for value remittance services provided by authorized financial institutions, replacing prior regulations. The Notice mandates strict identity verification, anti-money laundering and counter-terrorist financing compliance, and caps outgoing remittance fees at 10% while limiting incoming transaction margins to 2.5%. It further requires providers to maintain compatible IT systems, submit annual audited financial statements by April 30, publish fee tables publicly, and designate a Compliance Officer to oversee operational risks and regulatory reporting.