ANGOLA BANKS FACE NEW COMPLIANCE REQUIREMENTS FOR FOREIGN CURRENCY TRANSACTIONS

Stricter Rules Introduced for Foreign Currency Transactions

The National Bank of Angola has introduced a new regulation, Order No. 6/22, which takes effect on April 2. This order updates the limits and conditions applicable to cash transactions involving foreign exchange.

Key Changes

• Declaration Requirements: Individuals, both resident and non-resident, are required to declare entry amounts equal or exceeding USD 10,000 by filling out a form made available by customs services.
• Withdrawal Limits: The maximum permitted withdrawal for foreign exchange residents is set at USD 10,000. However, minors under the age of 18 traveling unaccompanied are limited to USD 1,000.

Compliance Requirements

Banks operating in Angola must adhere to these new regulations to maintain compliance with Angolan laws. This includes:

• Maintaining accurate records of foreign currency transactions
• Verifying the identity and nationality of individuals involved in foreign currency transactions
• Implementing measures to prevent illicit activities, such as money laundering and terrorist financing

Enhancing Financial Transparency

The changes aim to enhance financial transparency and prevent illicit activities. By introducing stricter rules for foreign currency transactions, Angola is taking steps to promote a more stable and secure financial environment.

What You Need to Know

• The new regulation takes effect on April 2.
• Banks operating in Angola must adhere to the new regulations.
• Individuals involved in foreign currency transactions must declare entry amounts equal or exceeding USD 10,000.