Banks operating in Angola have five days to execute exchange operations

13 January 2020

Commercial banks have a maximum period of five working days to execute foreign currency sale operations to customers from 10 February, said the National Bank of Angola (BNA) through instruction 01/2020 of 10 January.

The document stipulates that the period is counted from the date of receipt of customer orders by commercial banks or from the date of delivery of all documentation to support the operation or the issuance of licensing by the BNA, as applicable.

Commercial banks must also ensure strict compliance with the exchange operation rules on the prevention of money laundering and combating the financing of terrorism in force, including ensuring the legitimacy of the origin of the funds of their clients for the execution of the operations.

In case of refusal or non-execution of these operations within the established period, commercial banks should inform their customers in writing, stating the reasons for the refusal or delay in the execution of the operation.

Customers of the commercial banks are encouraged to submit complaints to the BNA in the event of unfounded failure by their commercial bank, under the provisions of this new regulation.

On 2 January commercial banks were permitted to buy foreign currency from oil companies, directly and without the mediation of the BNA, at the same time that the currency position of banks was cut by half, from 5.0% to 2.5% of regulatory own funds. (macauhub)