National Bank of Angola Order 09/19, of 6 November 2019, established the operational rules for the provision of remittance services by Financial Institutions.

The Order stipulates that remittances abroad may only be ordered within the national territory by nationals or foreign persons holding a resident's card who are over 18 years of age, and paid in local currency by means of cash, bank payment cards or bank check. National remittances may be ordered by individuals over the age of 18 and paid as above. Remittances received from abroad for beneficiaries in the national territory must be paid to said beneficiaries in national currency at freely negotiated exchange rates and commissions.

The Order establishes what type of information should be made available to the payer, as well as an obligation to check the identity of the parties involved, to record the information collected on a suitable computer system, and to file copies of documents proving the identity and address of the payers.

The payer's payment service providers must execute the order received on the day of receipt of the relevant instruction, or by the beginning of the next business day.
Foreign currency payment service providers may only purchase foreign currency from Banking Financial Institutions; they are prohibited from purchasing foreign currency from any other natural or legal person, and prohibited from trading foreign currency notes or travelers checks.

Finally, the Order sets forth other obligations for payment service providers, such as, among other things: the implementation of the compliance officer function; the obligation to display the table of commissions and expenses on remittance transactions; and the establishment of an institutional website that is freely accessible to the public.

The Order entered into force on 6 November 2019.

For further information about the content of this Legal Alert, please contact:
[email protected]