Notice No. 09/2017: Execution and Fund Availability Timelines for Current Account Deposits, Transfers, and Value Remittances in Angola

NOTICE No. 09/2017 SUBJECT: ANGOLA PAYMENT SYSTEM – Execution Timelines and Fund Availability Applicable to Current Account Deposits, Transfers, and Value Remittances

Whereas it is necessary to promote efficiency and transparency in the provision of payment services, contributing to increased confidence among users of the Angola Payment System (SPA);

Considering the provisions of Notice No. 05/12, of March 29, which defines consumer protection rules for financial products and services in Angola;

In the exercise of the competence conferred upon me by paragraph 2 of Article 7 of Law No. 5/05, of July 29 – Angola Payment System Law, jointly with paragraph 2 of Article 4 of Law No. 12/2015, of June 17 – Law of the Bases of Financial Institutions.

I DETERMINE:

Article 1. (Object) This Notice establishes the timelines for the execution of transfers and value remittances, as well as for the availability of funds to the beneficiary, resulting from cash deposits and standardized checks, transfers, or value remittances.

CONTINUATION OF NOTICE No. 09/2017 page 2 of 9

Article 2. (Scope)

1. The following are covered by the provisions of this Notice: a) Cash deposits and standardized checks; b) Intra-bank and inter-bank transfers; c) Value remittances.

2. With the exception of the situations provided for in paragraph 1(a), Article 4, and paragraph 2 of Article 7, this Notice applies to operations carried out in national currency.

Article 3. (Definitions) For the purposes of this Notice, the following are understood: a) Beneficiary – the final recipient of a deposit, transfer, or value remittance, to whom the monetary amount is made available. b) Cash in – electronic currency purchase operations. c) Standardized Check – the payment instrument defined by Notice No. 05/15, of April 20. d) Availability Date – the moment from which the account holder can freely move deposited or transferred funds to their current account or electronic money account without being subject to interest payments or other charges for the mobilization of these funds. e) Cash/Check Deposit – the delivery of banknotes and/or coins/standardized checks, for credit to a current deposit account at an Institution authorized by the BNA to carry out said operation. f) Business Day – a day of the week, from Monday to Friday, excluding national holidays.

CONTINUATION OF NOTICE No. 09/2017 page 3 of 9

g) Execution of a Value Remittance – the realization, by the ordering Institution's financial institution, of the received instruction, through credit to an account or the availability of funds in cash or bank check to the beneficiary. h) Execution of a Transfer – the realization, by the ordering Institution's financial institution or by the Multicaixa network operator, of the received instruction, through credit to the beneficiary's account for intra-bank transfers, or by forwarding the instruction to the beneficiary's financial institution, in the case of inter-bank transfers. i) Electronic Money – value stored in an electronic device or system, representing a claim against the issuer and issued after receipt of cash or book money, which allows the user to carry out payment operations with persons other than the issuer. j) Ordering Party – any natural or legal person who orders the execution of a transfer or value remittance in favor of a beneficiary. k) Value Remittance – all fund transfers that do not necessarily involve the use of current deposit accounts by the ordering party and/or the beneficiary. l) Direct Debit Subsystem (SDD), a subsystem of the Angola Payment System that ensures the processing of fund transfers initiated by payment beneficiaries, with deferred settlement of the multilateral compensation balance of debit instructions sent and received by participants. m) Check Clearing Subsystem (SCC), a subsystem of the Angola Payment System that ensures the inter-bank clearing of standardized checks, deposited at an Institution different from the drawee, with deferred settlement of the multilateral compensation balance of checks sent and received by participants.

CONTINUATION OF NOTICE No. 09/2017 page 4 of 9

n) Multicaixa Subsystem (MCX), a subsystem that ensures the processing of operations carried out with valid payment cards at service points of the Multicaixa network, with deferred settlement of the multilateral compensation balance of these operations. o) Angola Mobile Payments Subsystem (SPMA), a subsystem of the Angola Payment System that ensures the processing of fund transfers carried out using a mobile device associated with the payment account, with real-time settlement of the multilateral compensation balance of debit and/or credit instructions sent and received by participants. p) Real-Time Payment System (SPTR) – a subsystem of the Angola Payment System that ensures the automatic processing and real-time, operation-by-operation settlement of inter-bank electronic fund transfers in national currency. q) Credit Transfers Subsystem (STC) – a subsystem of the Angola Payment System that ensures the processing of fund transfers ordered by payers, with deferred settlement of the multilateral compensation balance of transfers sent and received by participants. r) Transfer – a fund movement operation between current deposit accounts, carried out at the initiative of an ordering party and intended to make monetary amounts available to a beneficiary, where the same person may hold the qualities of ordering party and beneficiary. s) Inter-bank Transfer – a transfer involving two different financial institutions. t) Intra-bank Transfer – a transfer that takes place between accounts domiciled at the same Financial Institution.

CONTINUATION OF NOTICE No. 09/2017 page 5 of 9

Article 4. (Execution of Transfers)

1. Financial Institutions must execute transfer instructions received from their clients within the following maximum timeframes: a) On the day the instructions are validated, in the case of intra-bank transfers, in national or foreign currency; b) Within 30 minutes after receipt thereof, in the case of transfers processed in the SPTR; c) Within fifteen (15) days after the sending of the direct debit instruction for transfers processed in the SDD; d) For transfers processed in the STC: i. In the STC clearing session that settles on the same day, in the case of inter-bank transfers whose instructions are received by 11:00 a.m. on a business day or after 3:00 p.m. on the previous business day, excluding those ordered through the Multicaixa network; ii. In the immediate clearing session of the STC that settles on the next business day, in the case of inter-bank transfers whose instructions are received between 11:00 a.m. and 3:00 p.m. on a business day, excluding those ordered through the Multicaixa network.

2. The instructions referred to in paragraph 1(a) must be validated on the same day.

3. The SPMA operator must include transfers ordered in this subsystem immediately after receipt of the debit and/or credit instruction in the clearing of the same day or, in the case of transfers ordered after 3:00 p.m., in the clearing of the following day.

CONTINUATION OF NOTICE No. 09/2017 page 6 of 9

4. The MCX subsystem operator must include transfers ordered in this subsystem by 3:00 p.m., in the clearing of the same day or, in the case of transfers ordered after 3:00 p.m., in the clearing of the following day.

Article 5. (Availability of Transfer Value)

1. The value of intra-bank transfers must be made available to the beneficiary at the moment it is debited from the ordering party, in accordance with the provisions of paragraph 1(a) and paragraph 2 of Article 4 of this Notice.

2. The value of inter-bank transfers processed in the STC, SDD, and MCX must be made available to beneficiaries by the end of the day of inter-bank settlement of clearing balances.

3. The value of transfers processed in the SPMA must be made available to beneficiaries immediately after their execution.

4. For transfers settled individually in the SPTR, the values must be made available to the beneficiary within 30 (thirty) minutes after the settlement of the operation.

Article 6. (Value Remittances) The ordering Institution's financial institution must execute value remittance instructions received from clients in accordance with the provisions of paragraphs 1(b) and 1(c) of Article 4 of this Notice, and the financial Institution that must make the funds available to the beneficiary must do so in accordance with paragraph 2 of Article 5 of this Notice, with due adaptations.

CONTINUATION OF NOTICE No. 09/2017 page 7 of 9

Article 7. (Cash Deposits)

1. Cash deposits made at the counter and Cash in deliveries carried out within the scope of mobile payment services imply the immediate availability of the credit balance to the beneficiary.

2. The provisions of the preceding paragraph also apply to deposits in foreign currency.

Article 8. (Standardized Check Deposits)

1. Deposits of standardized checks drawn on an account domiciled at the depositary banking financial Institution imply the availability of the respective credit balance to the beneficiary on the day of the deposit, provided that the drawn account has sufficient funds to cover the check.

2. Deposits of standardized checks drawn on an account domiciled at a Financial Institution distinct from the depositary imply the availability of the respective credit balance to the beneficiary by the end of the day corresponding to the end of the respective return period.

Article 9. (Movement of Available Funds) The debit of interest or other charges for the movement of funds made available under the terms of this Notice is prohibited.

Article 10. (Force Majeure Cases)

1. Without prejudice to provisions regarding the protection of the financial system against money laundering, which prevent or limit the execution of operations regulated in this Notice, Institutions shall be released from the obligations provided herein due to force majeure, namely, circumstances beyond their control, abnormal and unforeseeable, the consequences of which could not have been avoided despite all efforts made.

2. Any insolvency or bankruptcy proceeding, whereby, through a collective restructuring or liquidation measure of the entity that is its object, the fulfillment of obligations is limited, suspended, or ceased, shall not be considered a force majeure event.

CONTINUATION OF NOTICE No. 09/2017 page 8 of 9

Article 11. (Control and Internal Processes) Banking Financial Institutions and the Multicaixa subsystem operator must implement control systems and internal processes that allow for the validation with adequate security levels of received instructions and deposits, and ensure compliance with the timelines defined in this Notice.

Article 12. (Offenses) Offenses against the provisions of this Notice are punishable, under the terms of Law No. 05/05, of July 29, Angola Payment System Law, and Law No. 12/2015, of June 17, Law of the Bases of Financial Institutions.

Article 13. (Revocation) Notice No. 09/15, of April 20, is revoked.

Article 14. (Doubts and Omissions) Doubts and omissions resulting from the interpretation and application of this Notice are resolved by the National Bank of Angola.

CONTINUATION OF NOTICE No. 09/2017 page 9 of 9

Article 15. (Entry into Force) This Notice enters into force on the date of its publication.

PUBLISH.

Luanda, on August 15, 2017.