Ver Angola

Banking and Insurance

BNA amends special register of financial institutions for "greater accuracy"

The National Bank of Angola (BNA) has reformed the special register of entities such as banks, branches and representative offices in the country, with the intention of "tightening up requirements and procedures" and reinforcing the "suitability requirements".


In a notice published last week in the Diário da República, the bank announced the requirements for special registration of financial institutions under its supervision, as well as requests for authorisation for the administration and supervision of banks, branch management and representative offices.

According to the document, published in the Official Gazette on 21 April and consulted by Lusa, the BNA pointed out an obligation to reinforce compliance with the requirements of good repute, professional qualifications, independence and availability of the members of the governing bodies and members with relevant management functions, parameters which the central bank considered to be "indispensable for the process of authorisation to exercise functions".

In the notice, the BNA presented several annexes which the institutions must submit in order to be registered, including declarations of conflict of interest, independence and incompatibilities, good repute, qualifications and professional experience, a collective assessment by the institution of the management and supervisory bodies, and a list validating the authorisation process for the exercise of functions.

The documents required by the central bank must have been issued no later than three months before the date of the requisition.

According to the document, the BNA may refuse or revoke the required authorisations in the event of "lack of good repute, professional qualifications, independence or availability of the members" presented, who shall not take up their duties until authorisation has been granted by the BNA.

The institution added that authorisation to exercise functions may be revoked "when it is found to have been obtained by means of false statements or other illicit arrangements", having immediate effect.

The BNA added that "the violation of the mandatory precepts of this notice constitutes a punishable offence under the terms of the Basic Law of Financial Institutions".

The notice is applicable to financial institutions that intend to carry out or operate in Angolan territory.

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