BNA Instruction no. 01/20, of 10 January 2020, which will come into force on 9 February, states that Banking Financial Institution must execute the sale of foreign currency and associated foreign exchange transactions for its clients within 5 working days from the date of receipt of the relevant instruction. Alternatively, when the instruction requires the submission of supporting documentation, the time frame will start from the date of delivery of the complete set of documents necessary for the validation of said operations. When the instruction from the client refers to the payment of an operation that requires as-yet-ungranted licensing by the BNA, the time frame begins from the date of receipt of such licensing.

The Instruction also determines that in cases of refusal, the Institution must notify the client within 3 working days of receipt of its instructions and explains how this notification should be made.

Finally, the Instruction sets out the BNA contact details to be used by clients whenever the Banking Financial Institution does not follow clients' instructions within the set time frames and refuses to justify, in writing, the reasons for any delay in processing or refusal to carry out the operation.

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