Central Bank Establishes New Rules for Foreign Transactions
Luanda — Banking institutions must subscribe to the Swift FIN Inform transaction reporting system to ensure that data from international payments and receipts operations carried out are directly reported to the National Reserve Bank of Angola (BNA).
According to the BNA Instruction no. 01/2023, that ANGOP has had access to, it clarifies the need to regulate the rules and procedures for the reporting of statistical information on the bank´s foreign transactions.
With this Instruction, BNA also aims to ensure the quality of the system for monitoring and processing foreign exchange operations, as well as guaranteeing the correct definition and execution of foreign exchange policy.
Banks will communicate with the National Reserve Bank of Angola, via copies of messages, such as for Client Payments and Cheques (MT103), Financial Institution Transfers (MT202) and Documentary Credits and Guarantees (MT700).
BNA Instruction also states that banking financial institutions will now obey new rules of filling in the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
To register for the FINInform service, the BNA guarantees that there are no additional costs for financial institutions.
With this BNA Instruction, the previous Nr. 11/2022, of 20 September, as well as all the provisions that contradict what is stated in this document, are no longer in force.
Meanwhile, the Instruction no. 01/2023, comes into force 180 days after its publication.