New BNA Notice Waiving Licensing for Capital Operations
Under Notice 14/2022 of 5 July, the BNA grants commercial banks the power to carry out capital operations without the need for prior licensing for foreign exchange resident companies.
Capital operations are, for example: granting and repayment of loans and subscription and purchase and sale of shares, among others.
Commercial banks can only execute foreign exchange operations ordered by clients who have their account opening processes completed and authorised. Banks also have to ensure that they obtain all the necessary elements for a full knowledge of their clients, and additional financial information, adequate to the characteristics of each client.
Commercial banks also have the duty to carry out a thorough assessment of the foreign exchange operations requested by their clients, adopting the necessary procedures to ensure their legitimacy.
Duty to inform
Information on foreign exchange transactions carried out by authorised entities shall be reported to BNA, under the terms to be defined in specific regulations.
Repatriation of Profits and Dividends
The profits or dividends distributed, as well as the disinvestment value arising from investments made abroad by foreign resident legal persons must be repatriated, and credited in a bank account domiciled in a commercial bank registered in the country within 60 days from the date of payment of said profits or dividends.
