Angola - Opening, operation and closure of bank accounts

In brief

It was published the Notice 01/2023, of 26 January, of the National Bank of Angola, which establishes the rules for opening, maintenance, movement and closing of bank accounts, revoking Notices 03/2009, of 5 June 2009, 10/2016, of 5 September 2016 and 02/2017, of 3 February 2017.

Among the established measures, we highlight the following:

• Possibility of opening accounts without the physical presence of the client, with the possibility of using remote means of communication for this purpose, and also via third parties to whom this competence has been legally or contractually assigned;

• Restrictions on debit transactions from accounts without debit transactions for a period equal to or greater than 2 years;

• Intrabank and interbank transfers, between accounts domiciled in commercial banks in national territory, to debit accounts in foreign currency in favor of entities resident in national territory, can only be executed in foreign currency, between legal persons in a group relationship, natural persons in a relationship of kinship and if the originator and beneficiary are the same natural/legal person;

• Prohibition of granting credit on accounts denominated in foreign currency in favor of non-exporting entities, unless this is provided for in specific regulations;

• Restrictions on access to account holders undergoing bankruptcy or insolvency proceedings.

The diploma entered into force on the day following the date of its publication.

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