Financial Crime World

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Angolan Banking Regulation: Key Provisions

The following are the main points of the Angolan banking regulation document:

Agency Agreements (Artigo 1)

  • Financial institutions must establish agency agreements with third-party agents.
  • The agreement must specify the agent’s responsibilities, fees, and any other terms.
  • The agreement should last at least five years.

Information Management (Artigo 2)

  • All information recorded by agents about consumers or financial institutions belongs to the financial institution.
  • This information must be kept confidential.

Termination of Agency Agreement (Artigo 3)

  • A protocol should be established for revising or terminating the agency agreement.
  • The minimum and maximum amounts of cash that an agent can hold vary by location and in total, as specified by the financial institution.

Transaction Recording (Artigo 4)

  • Transactions must be recorded on the books of the financial institution at the end of the day or next working day.

Risk Control Measures (Artigo 5)

To mitigate risks, financial institutions and their agents should take the following measures:

  • Establish an effective system to mitigate banking risks.
  • Control security operations outside of agencies.
  • Supervise relationships with providers and agents.
  • Comply with requirements related to “know your client,” money laundering, and financing terrorism.
  • Use transaction verification methods.
  • Implement adequate segregation of tasks, applications, and databases.
  • Ensure appropriate authorization levels and access controls.
  • Protect the integrity of data, records, and information.
  • Maintain audit trails for electronic banking operations and Banking without Agencies operations.
  • Preserve the confidentiality of information.

Taxes (Artigo 6)

  • Transferred amounts, funds in stored value cards, and deposits and withdrawals on accounts are not subject to taxation.
  • Fees charged by financial institutions and agents are subject to taxation.

Accounts Allowed and Consumer Identification Requirements (Artigo 7)

There are three types of bank accounts:

ACCOUNT I

  • For individuals with debit and credit transactions limited to:
    • 25,000 Kwanza daily
    • 100,000 Kwanza weekly
    • 200,000 Kwanza monthly

ACCOUNT II

  • For individuals and businesses with debit and credit transactions established by the financial institution in accordance with the customer profile.

ACCOUNT III

  • For companies with debit and credit transactions established by the financial institution in accordance with the customer profile.
  • Each account type has its own limits on balance, consumer identification requirements, and other conditions.