New Rules On Opening, Maintaining, Operating And Closing Bank Accounts

• Published date: 28 February 2023
• Subject Matter: Finance and Banking, Financial Services
• Law Firm: PLMJ
• Author: Mr Gonçalo Dos Reis Martins, Renata Valenti and Joana Marques Dos Reis

Banco Nacional de Angola Notice 1/23 of 30 January (the "Notice") was recently published and it establishes new rules for the opening, maintenance, operation and closing of bank accounts by individuals or legal entities.

These are the main new rules:

• Individuals and legal entities, whether resident or non-resident, will continue to be able to hold Angolan and foreign currency accounts with banking financial institutions domiciled in Angola ("Banking Institutions"). These institutions must comply with the identification and due diligence procedures and information requirements for opening accounts as set out in the Notice.
• All operations involving foreign currency accounts must comply with the foreign exchange legislation in force.
• Foreign currency transfers to resident entities between accounts held with Banking Institutions may only be made (i) between legal entities in a group relationship, (ii) between individuals in a family relationship and (iii) between accounts held by the same person, unless otherwise provided.
• No credit may be granted to non-exporting entities on accounts denominated in foreign currency.
• The operation of accounts held by minors and deceased persons must comply with the rules set out in the Notice.
• Banking Institutions must put in place...