The Angolan National Bank (BNA) has altered the system for special registration of entities such as banks, branches and representative offices in the country, intending to “make requirements and procedures more rigorous,” and strengthen “reputation requirements”.
Notice 11/2020, of 21 April, lists the requirements for special registration of financial institutions under the supervision of the central bank, as well as applications for authorisation to manage and supervise banks, manage branches and representative offices.
In the document, published in the Diário da República official bulletin, the BNA noted it had added to the requirement for compliance with the requirements of good repute, professional qualifications, independence and availability of members of governing bodies and members with relevant management roles, all of these parameters that the central bank considers, “indispensable to the authorisation procedure for operations.”
The BNA presented the attachments that institutions must submit for registration, including statements of conflict of interest, independence and incompatibilities, reputation, qualifications and professional experience, a collective assessment by the institution of its management and supervisory bodies, as well as a checklist of the authorisation procedure for operations.
According to the document, the BNA may refuse or revoke the requested authorisations if there is found to be a “lack of good repute, professional qualifications, independence or availability of the members,” presented, and they should not start working without an authorisation from the central bank of Angola.
The BNA added that the authorisation for operation may be revoked, “when it is found that it was obtained through false statements or other unlawful processes,” with immediate effect. (macauhub)