Angola | 2018.03.28
NEW PENALTIES FOR TRANSFERS OF FUNDS IN LOCAL CURRENCY

BNA Order No. 4/18, of 7 March 2018, amended the wording of Article 12 of Order No. 9/17, of 12 September 2017, which sets forth the deadlines for the execution of transfers and remittances and the provision of funds to beneficiaries in local currency.

 

The new Order sets forth and details the penalties arising from non-compliance with Order No. 9/17, of 12 September 2017, as well as new rules for claims. The new measures provide for the application of fines ranging from 2% to 5% of the minimum share capital determined for the payment service provider, divided by 360 days, for each day’s delay in completing the relevant transaction.

 

The new Order entered into force on 7 March 2018.

 

Should you wish to receive additional information, please contact:

mirandaalliance-alert@mirandaalliance.com

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