New Rules On Opening, Maintaining, Operating And Closing Bank Accounts

Banco Nacional de Angola Notice 1/23 of 30 January (the "Notice") was recently published and it establishes new rules for the opening, maintenance, operation and closing of bank accounts by individuals or legal entities.

These are the main new rules:

• Individuals and legal entities, whether resident or non-resident, will continue to be able to hold Angolan and foreign currency accounts with banking financial institutions domiciled in Angola ("Banking Institutions"). These institutions must comply with the identification and due diligence procedures and information requirements for opening accounts as set out in the Notice.
• All operations involving foreign currency accounts must comply with the foreign exchange legislation in force.