Order No. 1/23, of 30 January, of the National Bank of Angola approved new rules for the opening, maintenance, operation and closure of bank accounts by natural and legal persons. From the now applicable regime we highlight the following:

• Individuals or legal persons, residents and non-residents, will continue to be able to hold accounts in national currency and/or foreign currency with Banking Financial Institutions based in Angola, subject to compliance with the applicable KYC procedures and compliance with the duty to report bank deposits by Angolan banking institutions.
• Transactions in foreign currency accounts must comply with the applicable foreign exchange laws and regulations.
• Debit transfers in foreign currency in favor of entities resident in national territory may only be executed in foreign currency in the following cases: a) between legal persons in a group relationship; b) between natural persons in a family relationship; and c) when the ordering party and the beneficiary are the same natural or legal person.
• Specific rules have been introduced for accounts held by minors, as well as for accounts held by deceased persons.
• Blocking of accounts held by clients in bankruptcy or insolvency proceedings and the closing of bank accounts at the request of the account holders or on the initiative of the Financial Banking Institution was also regulated.

Notices No. 03/09, No. 10/16 and No. 2/17 on the same subject were revoked.

The Order entered into force on February 1^st of the current year and provides for a transitional period of 90 days for Financial Banking Institutions to adjust with the new rules.

For more information on this Banking Alert please contact:
[email protected]