ANGOLA: National Bank of Angola Issues Notice on Capital Operations Compliance Requirements

Enhancing Transparency and Oversight in the Financial Sector

The National Bank of Angola has recently published Notice No. 14/22, which outlines new rules and procedures governing capital operations by Angolan entities in contracts with foreign exchange residents and non-residents. This move aims to strengthen the country’s financial sector by enhancing transparency and oversight.

Key Amendments

The notice introduces several key amendments, including:

• Abolition of Licensing Requirements: The licensing requirements for capital operations with foreign exchange residents have been abolished.
• Exclusive Use of Bank Transfers: Capital operations in favor of beneficiaries residing outside Angola must be settled exclusively through bank transfers.
• Enhanced Due Diligence by Commercial Banks: Commercial banks are required to conduct enhanced due diligence on capital operations, considering factors such as:
  • Activity nature and extent
  • Transaction consistency
  • Historical foreign exchange operation records
• Mandatory Repatriation of Profits and Dividends: Profits, dividends, and investment divestment proceeds must be repatriated to Angolan bank accounts within 60 days from payment.

Immediate Effect

The notice has taken effect immediately upon publication.