After Years of Compliance Curbs, JPMorgan to Resume Dollar-Clearing in Angola

JPMorgan Chase will provide U.S.-dollar clearing services in Angola, becoming the first major American lender to reengage with the African nation following major corruption scandals and years of anti-money laundering (AML) compliance restrictions, Bloomberg reported.

In a statement cited by the news agency, Standard Bank Angola said it has received approval to open correspondent accounts in dollars and euros with JPMorgan. The Wall Street giant’s global internal committee weighed a return to the market for years before deciding to return to Angola, Standard Bank noted.

The decision comes approximately a decade after several large multinational banks halted dollar-clearing services for Angolan counterparties, citing widespread corruption scandals that implicated financial institutions and other businesses operating in the country.

Last year, the UK sanctioned Angolan businesswoman and daughter of the former president, Isabel dos Santo, accusing the former billionaire of systematically exploiting state-run companies to embezzle at least £350 million. Prior to the action, dos Santos had been subject to international asset freezes and an Interpol Red Notice.

Transparency International has separately ranked Angola among the world’s 20 most corrupt countries, making U.S. sanctions and AML compliance a high-risk proposition for Western banks operating in the market, Bloomberg reported.

JPMorgan’s decision to clear dollar transactions marks a symbolic step back to the world of global finance for Angola, which has been included on the Financial Action Task Force’s “grey list” since 2024.

“This achievement represents much more than the opening of correspondent accounts,” said Standard Bank Angola Chief Executive Officer Luis Teles, according to the statement cited by Bloomberg. “It marks Angola’s reintegration into the global financial system.”