Ver Angola

Banking and Insurance

BNA eliminates obligation for commercial banks to maintain independent exchange control

The National Bank of Angola (BNA) determined the elimination of the obligation for banking financial institutions to maintain an independent exchange control function, taking into account the evolution of the regulatory and operational framework of the national exchange market.

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The central bank, in instruction document no. 02/2023, of 12 January, which Lusa had access to, also mentions that banking institutions must ensure the existence of an organizational structure, culture and internal control systems.

For the BNA, the internal control systems must ensure strict compliance with all legislation and regulations applicable to foreign exchange operations.

According to the BNA, non-compliance with the instruction, which revokes instruction no. 07/2018, on the Creation of an Independent Exchange Control Function in Banking Financial Institutions, constitutes a misdemeanor punishable under the terms of the law.

The directive, signed by the governor of the BNA, José de Lima Massano, also mentions that this new framework makes it possible to update the organizational model of banking financial institutions in their function of intermediating exchange operations.

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