ABANC - Angolan Banking Association

As Angola is inserted in the international financial market and is an importer of cash (notes) issued by other countries (mainly the United States and the European Union), it becomes necessary to monitor these developments, or otherwise face the penalty of being excluded of those international markets.
Considering these developments, the ABANC clarifies the public about the framework of the measures that banks in Angola have been taking, and will continue to be further strengthened to ensure compliance with the rules to prevent money laundering and terrorist financing imposed by the authorities in source countries of foreign currency imported into the country:

1. Continued reduction of notes delivered to customers who wish to travel, asking them to use internationally accepted payment cards instead (such as credit, debit and prepaid cards) as well as bank transfers, complying with the law and applicable exchange control regulations;
2. In the case of selling bank notes for travel, these transactions will be made, whenever possible, in the currency used in the customer's country of destination;
3. Limit of notes withdrawals from accounts denominated in foreign currency, which can continue to be moved through transfers to other accounts domiciled in Angolan banks or foreign banks, respecting the laws and exchange regulations. Note that the bills will remain denominated in foreign currency. The restrictions in place affect only cash withdrawals of foreign currency.

This statement is issued by ABANC as part of its mission to play a formative and informative role, leading to a better relationship between banks and their customers.

Luanda, November 4, 2015

ASSOCIAÇÃO ANGOLANA DE BANCOS

Amílcar Azevedo da Silva

President of the Board of Directors