Bank of Angola takes measures to halt operations suspected of fraud

Bank of Angola takes measures to halt operations suspected of fraud

The National Bank of Angola (BNA) has been detecting, in recent times, several banking operations suspected of attempted fraud. In response, yesterday it issued a Circular Letter to guide commercial banks on the procedures to be taken into account. henceforth

The document, published on the Central Bank’s website, requires reinforcement by banking institutions in the procedures for validating payments under service provision contracts or invoices, as the case may be, to non-resident entities. “Contracting services outside the country can represent a high risk of foreign exchange fraud and facilitate the illicit movement of funds abroad.

The BNA has also been detecting a high number of contracts suspected of capital flight and foreign exchange fraud ”, he explains. The Circular Letter focuses on current invisible transactions that cover contracts for the provision of technical and specialized services carried out by non-resident entities and excludes foreign exchange transactions linked to contracts for the rental of means of transport, reinsurance and the like.

Read more at Jornal de Angola.

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