JPMorgan Chase & Co. will provide dollar clearing services in Angola, becoming the first US bank to re-enter the country’s financial system after years of compliance restrictions, Bloomberg reported.

The decision comes after Angola’s inclusion on the Financial Action Task Force’s “gray list” in 2024, highlighting shortcomings in tackling illicit financial flows and subjecting the nation to increased monitoring. Analysts say JPMorgan’s return could help stabilize investor confidence amid ongoing regulatory scrutiny.

Standard Bank Angola has received approval to open correspondent accounts in US dollars and euros with JPMorgan. Luis Teles, CEO of Standard Bank Angola, described the development as “much more than the opening of correspondent accounts,” calling it a marker of Angola’s renewed presence in the global banking system.

A decade ago, most major foreign banks withdrew dollar clearing services from Angola, one of Africa’s largest oil producers, amid compliance concerns. At the time, Transparency International ranked Angola among the 20 most corrupt countries worldwide, making it difficult for foreign lenders to meet anti-money laundering and corruption requirements.

JPMorgan also maintains other financial ties with Angola. In late 2024, the country issued about 2 billion US dollars in bonds as collateral for a 1 billion US dollars loan from the Wall Street bank. After a slump in dollar bonds and crude oil prices in April, Angola had to provide an additional 200 million US dollars in collateral to meet a margin call related to the same loan.